Turnbull pulls plug on fast and furious political career

Former Australian Opposition Leader Malcolm Turnbull will quit Parliament at the next election and return to private business, ending a brief but mercurial career in politics.

His decision came after Tony Abbott, the man who ousted him as leader last year, ignored indications that Turnbull was prepared to return to the shadow ministry after five months on the back benches and overlooked his predecessor in a reshuffle.

But in an emailed resignation announcement Turnbull said he wished Abbott "every success" in the election to be called before the end of the year.

He told Sky News that he had always held Abbott in high regard and admired his political skills and abilities as a communicator. He said he was leaving Parliament without any bitterness or resentment.

Turnbull, 55, a multi-millionaire former merchant banker, won Sydney's Wentworth seat in 2004. Talented, ambitious and pushy, he was handed the key environment portfolio as John Howard prepared for his final election in 2007.

After Labor's resounding victory, Turnbull mustered his forces as Shadow Treasurer before successfully challenging Howard's successor, Brendan Nelson, in 2008.

Turnbull's fate was sealed by his determination to see emissions trading introduced and late last year he fell to a revolt led by Abbott.

Yesterday Abbott said Turnbull was a "rare and remarkable talent" who in just two terms had scaled the commanding heights of Australian politics.