The continuing rift within Australia's Labour Party has forced Kevin Rudd to rescind his post as the country's Foreign Minister stressing this is the most honourable thing to do amidst the political attacks marring his credibility.

In a press conference held in Washington D.C. , where he is currently visiting, Mr Rudd announced his resignation as foreign minister of Australia because he no longer has the support of the Prime Minister Julia Gillard.

"I cannot continue to serve as foreign minister if I do not have the Prime Minister's support and so I have decided to do the honourable thing and the honourable thing is to resign."

He pointed out the "ongoing saga" has not been well-received by the international and business communities. He added that the candidacy of Minister Anna Bligh who is contesting the Queensland election is also being affected.

Mr Rudd added that he will be flying back to Brisbane on Thursday and will consult his family and friends regarding his future in politics before Parliament resumes on Monday.

Stealth Attack

He denied reports that he is behind any stealth attacks on the Prime Minister Gillard, who has been lagging on the polls against opposition rival Tony Abbott.

"There is no way I will ever be party to a stealth attack on a sitting prime minister who was elected by the people."

"In recent days Mr [Simon] Crean and a number of other faceless men have publicly attacked my integrity and therefore my fitness to serve as a minister in the government.

"When challenged today on these attacks Prime Minister Gillard chose not to repudiate them.

"I can only reluctantly conclude that she therefore shares these views."

"There is one overriding question for my colleagues and that is who is best placed to defeat Tony Abbott," he said.

"Tony Abbott is on track to win and has been for a long time."

Mr Rudd recalled that same factors are at play when he was removed from his post in June 2010 and was replaced by Ms Gillard.

Resignation Speech of Mr Kevin Rudd: