Laurie Oakes has announced his retirement, bringing to an end a 50-year career in journalism.

The Nine Network's political editor, who is nearing his 74th birthday, announced he was retiring on Thursday afternoon.

The veteran journalist's career has outlasted 14 Australian prime ministers. At the age of just 25 he was the Canberra Bureau Chief for Melbourne's Sun newspaper.

However, Oakes is perhaps best known for his career in television. In 1980 he read then-treasurer John Howard's budget speech live on television – a day before the budget was due to be handed down.