Joe Hockey likely to deliver farewell speech in parliament on Oct. 21

Joe Hockey is going to bid farewell to parliament this week. He is expected to appear in parliament for the last time on Thursday.

Hockey hinted that he would quit politics soon after Tony Abbott had been replaced by Malcolm Turnbull as Australia’s prime minister in September. The confirmation of Hockey leaving politics came from the former treasurer himself on Sunday. Hockey is likely to deliver his farewell speech on Wednesday.

Hockey resignation means a by-election will take place in his Liberal seat in North Sydney. According to Leader of the House Christopher Pyne, there is still a lot of time for a by-election to take place by the end of 2015. According to Sky News, the North Sydney electorate should be without a member for as 'short a time as possible.'

Hockey entered parliament in 1996 when John Howard had an overwhelming victory to become the prime minister of the country. He became one of the most recognised MPs in the early 2000s. He became treasurer in 2013, which took him closer to one day becoming a prime minister.

However, according to the ABC, Hockey’s hope of becoming an Australian prime minister was “dashed” after he introduced an unpopular budget and used “a series of poorly chosen phrases.”

"The poorest people either don't have cars or actually don't drive very far in many cases," Hockey said in 2014 while talking about the government's intention to increase fuel tax. He also asked people wishing to buy their first home to "get a good job that pays good money."

Journalist Peter FitzSimons, Hockey’s friend, said in August that the veteran politician would lead the effort to make Australia a republic. The remark was widely criticised by Hockey’s colleagues.

It is widely believed that Hockey will be appointed as Australia’s next ambassador to the United States.

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