After two decades in Federal politics, former Foreign Minister Julie Bishop says she's had enough and will retire.

Ms. Bishop has represented the Perth electorate of Curtin since 1998 and was Australia's first female foreign minister from 2013 until last year.  But she's been stuck on the backbench since the leadership spill, and now wants to pursue a life outside of politics.

"It has been an immense honour to be the longest serving Member for Curtin and also to be the deputy leader of the Liberal Party, the first female to hold the role, (and) for eleven years, over half my entire political career," she told the Parliament.  "I am also proud of the fact that I am the first woman to contest a leadership ballot of the Liberal Party in its 75-year history."

Prime Minister Scott Morrison paid tribute to Ms Bishop and her "tremendous service to her country" before Parliament.  "Her passion that she has always brought to her role, the dignity and grace that she has always demonstrated in every single role she has held," he said.  "She is an incredibly classy individual. Her successor will have big shoes to fill, and we know that Julie has the best shoes in Parliament."

Opposition leader Bill Shorten said she as a "trailblazer", praising her response to the downing of Malaysia Airlines Flight MH17 in Ukraine, and helping the families of the Australian victims. 

"I also saw her steely determination in international forums to help pursue justice, and she was very strong," said Mr. Shorten.  "On that regard, if any of us were ever to be privileged to be in the position that she was in, dealing with the Russians and other people, I hope that any of us would show the same strength that she showed." 

"She did and that is to her everlasting credit," he continued, "She did Australia proud that day and in those weeks."