Bill Shorten
Australian Labor Party opposition leader Bill Shorten and wife Chloe cast their ballots at a polling station at Moonee Ponds West Primary School in Melbourne, July 2, 2016. AFP

Former Labor supremo Bill Shorten is set to retire from politics in February 2025, ending his 17-year parliament career, following which he will be taking on the role of the vice-chancellor at the University of Canberra.

Shorten's exit was announced by Prime Minister Anthony Albanese, who praised his leadership abilities, especially in his capacity as NDIS minister. Shorten will continue to serve as an NDIS minister until his tenure officially ends, reported News.com.au.

His new salary package reportedly will exceed AU$1 million, marking a substantial increase from his current earnings of around AU$400,000. Shorten will shift base to Canberra from Melbourne to start his new job, as he will not be seeking a seventh term in the parliament.

Shorten said he was excited to take up the new responsibility, "Education is the modern means of taking someone from disadvantage to advantage in a way that no other method can. ...Universities have a critical role to play."

"The hopes and dreams of Australians are lifted when they are able to fulfil their own potential and the hopes and dreams of our nation are lifted as well."

"I have experienced some extraordinary political highs in the last 17 years. Let's face it, some extraordinary political lows," he said, according to Nine News. "There is not a single day in the last 17 years that I would hand back. Because every day I know how lucky I have been to have the privilege to serve the Australian people."

"I am thankful to be leaving parliament while there are still some people who want me to stay," he added.

Reflecting on his time in the parliament, and his biggest legacy, NDIS, Shorten said: "We didn't win every battle, but Labor ... We never stopped trying," he said. "Whether it was defending medicare, real action on climate... same-sex marriage... these were hard fights, all worth having."

"I am proud of the NDIS, it's changing lives," he said. "The NDIS is here to stay and Labor is making the necessary changes."