Malcolm Turnbull will quit federal parliament on Friday

Dean Lewins/ Pool/ Getty ImagesFormer Australian Prime Minister Malcolm Turnbull.

Ousted Prime Minister Malcolm Turnbull has announced he will leave federal Parliament on Friday.

Turnbull previously said last week that if there was a second spill after Peter Dutton’s attempt to overthrow him on Tuesday, that he would not recontest and would leave parliament.

On Friday, Scott Morrison won a Liberal Party leadership spill, defeating challenges from Dutton and former Foreign Affairs Minister Julie Bishop.

“I’ve had a great team in federal parliament and a great team here at Wentworth,” Turnbull said last night.

“But as you know, my prime ministership has come to an end. The circumstances have appalled most Australians but again, I won’t labour the point.

“I have a strong view which I’ve made very clear publicly so it comes as no surprise, that former prime ministers are best out of parliament not in it, and I think recent events best underline the value of that observation. And so, accordingly, on Friday, I will resign from the House of Representatives.”

He thanked the party and his voters for their support over the past 14 years.

“Everything I have achieved for Australia in public life has been due to you, build on the foundation of this community, which Lucy and I love and where we have always lived,” he said.

“Thank you from the bottom of my heart.”

His decision will trigger a by-election in Turnbull’s seat of Wentworth, potentially as soon as October 6.

The date will be set by the Speaker of the House of Representatives, Tony Smith.

City of Sydney councillor, and sister of Tony Abbott, Christine Forster, had announced her plans to contest the seat of Wentworth before Turnbull set a date for his resignation.

Former diplomat Dave Sharma, who was the Australian ambassador to Israel before moving to the private sector, is also believed to be a candidate for the seat.

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