Announced on Twitter and detailed further on his webpage malcolmturnbull.co m.au, Mr Turnbull thanked in particular the former Prime Minister John Howard for his time spent as Environment and Water minister.

He also expressed his disappointment that an emissions trading scheme was no longer Liberal Party policy.

Mr Turnbull had indicated that he would reconsider his life in politics when he was ousted from the Liberal leadership by one vote.

However, he had not made a decision until now and earlier in the month even put his hand up for a ministerial role when Senator Nick Minchin resigned and the cabinet was reshuffled.