Finance Minister Lindsay Tanner informed the parliament today that he is set to forego the next federal election as he clarified that his decision was not based on the recent events that saw the ousting of Kevin Rudd as prime minister.

Mr Tanner revealed that he made his decisions long before Mr Rudd's exit and he even informed the former prime minister about his consideration though he was prevailed upon by Mr Rudd to delay his move.

The finance minister also said that he has informed new Prime Minister Julia Gillard about his decision during their caucus meeting and he indicated that "I was willing to serve in my present role until the election, but that I would accept whatever decision she chose to make on that question."

He assured Ms Gillard that his decision is not due to the event that occurred in the last 24 hours.

Also, Mr Tanner said that Mr Rudd convinced him to remain as minister and both of them agreed "to revisit the matter at the end of the parliamentary sitting period."

Mr Tanner said that the new prime minister is well aware of his intentions to stay on as finance minister until the election and he would be ready to step down when necessary.

He said that he has no future plans for now but he stressed that he would be out of politics after his tenure in government, adding that "I do expect that I will pursue opportunities somewhere in the business and academic worlds but that's a matter for the future."

Mr Tanner also shared that he would now devote more time to his other passion, and that is advocating for African-Australians as he admitted that this "is something I am very passionate about, something I would urge all members of the house to pay more attention to."

The finance minister is acknowledging the fact that many would be saddened by his decision as he pointed out that "a lot of people have invested in me over many years and it's a responsibility I take very seriously."

Mr Tanner felt that he took the same footsteps taken by Australia's political giants before and he could only wish all members of the parliament more good fortunes as he urged colleagues from the Labour party to sustain their good works and "carry "he great banner of Labour."