He is just a few months shy of reaching 20 years as a member of Federal Parliament, but Joe Hockey will today take to his feet in the House of Representatives for the last time.

Mr Hockey is another casualty of last month's Liberal leadership spill, which saw Tony Abbott ousted from the prime ministership by Malcolm Turnbull.

Seen by some as having failed to sell the Coalition's economic plan, Mr Hockey was replaced as treasurer by Scott Morrison.

In a speech to the Coalition party room yesterday, Mr Hockey said he was proud of his record but there were more reasons for him to go than to stay.

He told fellow members the revolving door of Australian politics had to end, and how he wished the Turnbull Government would turn out to be the most successful Australia has ever had.

The farewell address was given a standing ovation.

Finance Minister Mathias Cormann paid tribute to Mr Hockey, saying he served Australia extremely well.

"I think it's too early to assess how history will judge Joe," Senator Cormann told AM.

"I worked very closely with him. I know he has put his heart and soul into making Australia a better place."

The Member for North Sydney was first elected in 1996, and quickly rose through Liberal ranks.

His first appearance on the frontbench was in 1998, as minister for financial services and regulation in the then-Howard government.

He quickly developed a reputation as one of the most recognisable and affable Liberal MPs, with regular appearances on commercial television.

Ambitious budget but poor choice of words

In opposition during the Rudd and Gillard governments, he decried what he called "Labor's budget emergency", promising to end the "debt and deficit" if elected.

Mr Hockey's first budget laid out a series of ambitious plans designed to put the books back on a "clear track to surplus".

They included making young people wait six months before getting the dole, letting universities set their own fees and charging bulk-billed patients a $7 "co-payment" to see the doctor.

He was also prone to criticism for poorly chosen phrases.

In April 2014 he said "the poorest people either don't have cars or actually don't drive very far in many cases" when discussing the Government's desire to increase fuel tax.

Earlier this year he was again accused of being out of touch by his opponents for advising people wanting to buy their first home to "get a good job that pays good money".

Today's speech is unlikely to be the last time Mr Hockey is in the public spotlight.

He has been mooted to take on the role of Australia's ambassador to the United States when former Labor leader Kim Beazley finishes up later this year.