Retiring federal MP Clive Palmer has ruled out running for the Senate at the upcoming election.

Earlier this month Mr Palmer confirmed he would not seek re-election in the House of Representatives, but left the door open to become a Queensland Senate candidate.

He announced this morning that he has not sought endorsement from the Palmer United Party to stand for the Senate.

But he said he was still confident the party would do well on July 2.

"We're looking forward to being able to control the balance of power in the Senate so we can keep the 2014 budget initiatives at bay," he said.

Mr Palmer also said in a statement he was finding the current election campaign boring and lacking in economic policy.

He won his seat of Fairfax on Queensland's Sunshine Coast by just 53 votes over the LNP's Ted O'Brien in the 2013 federal election.

He has had a turbulent time in politics since then.

Two of the three Palmer United Party senators, Glenn Lazarus and Jacqui Lambie, quit to become independents after becoming frustrated with Mr Palmer's leadership style.

His low attendance rate in Parliament has also come under fire.

Mr Palmer recently announced he would not recontest Fairfax amid controversy over his Queensland Nickel refinery, where more than 800 workers had been sacked and were owed more than $70 million in entitlements.

The Federal Government has applied to the Federal Court to have a special purpose liquidator appointed to pursue debts Queensland Nickel owed to the Commonwealth.

But Mr Palmer welcomed the move this week, saying he had "nothing to hide".