Joe Hockey has given his valedictory speech to Federal Parliament after quitting politics — his career is a study in contrasts.

In the early 2000s, as one half of Sunrise's Big Guns of Politics segment, he became one of parliament's best recognised MPs.

But after becoming Treasurer in 2013, a series of poorly chosen phrases and an unpopular budget saw Mr Hockey's hopes of one day converting that exposure and becoming prime minister, dashed.

In April 2014 he was roundly criticised for saying: "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.

Loading...

Initially he defended the comments and produced Australian Bureau of Statistics figures to back up his claim but several days later apologised, describing it as "insensitive".

On Mother's Day in May 2015 Mr Hockey told Channel 9 mothers who claimed paid parental leave from their employers and the Government were "double dipping."

A month later 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".

Then, in August 2015, Mr Hockey was publicly criticised by some of his own colleagues after his friend, the author and journalist Peter FitzSimons, announced the Treasurer would spearhead the push for Australia to become a republic.

Failure to make the case for economic reform

More broadly, Mr Hockey's colleagues marked him down for failing to prosecute the case for economic reform.

In opposition 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.

Labor argued the measures were "unfair" and Mr Hockey was unable to convince the public or the Senate crossbench to support the changes.

The failure to sell the policies saw him completely change the Coalition's budget narrative by 2015.

No longer was there talk of a budget emergency. Instead of more tough measures, Mr Hockey announced a multi-billion-dollar tax relief package for small business.

Contested Liberal Party leadership in 2009

Mr Hockey will be remembered for delivering some strong performances on the floor of Parliament, using skills he honed as a student politician.

In early September, Joe Hockey said Tony Abbott reassured him speculation about his job was "complete rubbish". ( AAP: Paul Miller )

He has represented the seat of North Sydney since 1996.

Mr Hockey joined John Howard's frontbench in 1998 as minister for financial services.

During the Howard years he held several other portfolios, including workplace relations.

In 2009 Mr Hockey contested a ballot for the Liberal Party's leadership.

He was widely expected to win but was knocked out in the first round of voting after securing fewer votes than his colleagues Malcolm Turnbull and Tony Abbott.

Mr Abbott won the final ballot by a single vote and replaced Mr Turnbull as the party's leader.