FORMER treasurer Peter Costello has announced he'll resign from Parliament.
He said he would hand his resignation to the Speaker of the House of Representatives on October 19.
The announcement, on his website this afternoon, follows the resignation of former opposition leader Brendan Nelson, leaving Malcolm Turnbull facing two by-elections most likely in late November.
The Victorian Liberal Party endorsed Kelly O'Dwyer to run in Mr Costello's seat of Higgins in the next election several weeks ago while Paul Fletcher last month gained endorsement to run in Dr Nelson's seat of Bradfield.
In his statement, Mr Costello said it had been "a privilege and an honour" to serve in Higgins for nearly 20 years.
"I will be sad to say farewell," he said.
"Although I will return to private life I hope to continue some measure of service to the public in the future."
The former treasurer said he wished his federal Liberal Party colleagues every success in the next federal election.
Former prime minister John Howard has heaped praise on Mr Costello.
Mr Howard said he worked in "close professional harmony" with Mr Costello in more than 11 years of government and his resignation ended a "remarkable political career".
"He has served both Australia and the Liberal Party with much distinction and success," Mr Howard said in a statement today.
"The current strength of the Australian economy, in stark contrast to the rest of the world, is due far more to Peter Costello's work as treasurer than the policy decisions of the Rudd government."
Mr Howard said Mr Costello's career should also be remembered for his work in advocating the role of the Group of 20 nations as the premier international economic forum.
"I thank him for that and his years of service to the Liberal Party. I wish him, his wife Tanya, and their children good health and good fortune in the years ahead," Mr Howard said.
