"It's over and time to go," he told journalists at Parliament House. Senator John Faulkner has announced an early departure from Federal Parliament. Credit:Andrew Meares "My career is over but it's a good time for the Labor Party for a new generation to step up." Senator Faulkner, who said he "owes the Labor Party everything", vowed to continue as an active branch member but will not appear at the national Labor conference next year. He noted he was the last minister to have served in the Hawke-Keating government to be retiring from federal politics and nominated John Curtin as Labor's greatest leader.

ALP national president Jenny McAllister is likely to fill the vacancy created by Senator Faulkner's resignation. Senator John Faulkner during his time as Sports Minister in 1994. Ms McAllister had already been preselected as Labor's number two candidate to replace him. The Left could nominate another candidate but that is considered extremely unlikely. Senator Faulkner, pictured with Labor leader Bill Shorten earlier this year. Credit:Andrew Meares

The NSW Parliament normally endorses a new senator when casual vacancies arise. However, because it's not due to sit before Federal Parliament resumes in February, it's likely Ms McAllister will be formally anointed by NSW Governor David Hurley. Senator Faulkner was well known for his role in shepherding former Labor leaders Mark Latham, Kevin Rudd and Julia Gillard through their election campaigns. In a sign of his role as guardian of the caucus, he was in the prime minister's office on the night of June 23, 2010, when Ms Gillard and Mr Rudd brokered a deal on the Labor leadership. Senator Faulkner again refused to shed any light on the encounter, saying he promised both leaders he would never break their confidence. "I gave my word and I intend to keep it," he said on Thursday.

Senator Faulkner was elected as a senator for NSW in April 1989 and was re-elected for four additional terms. He served as leader of the opposition in the Senate from 1996 to 2004, and has also held the defence, veterans' affairs, environment and special minister of state portfolios. He stepped down from cabinet after the 2010 election. Senator Faulkner has long campaigned for party reform but did not revive those calls during his Thursday press conference, saying he'd already "said so much" about the issue. He also paid tribute to the public service, saying although they were often a popular "whipping boy" for politicians their service was appreciated. Tributes flow for Senate icon

Labor leader Bill Shorten described him as the "custodian of the Light on the Hill and the best example of the Whitlam tradition". "Our movement owes him it's sincere thanks," Mr Shorten said in a statement. "We honour John's service today but we don't say goodbye. I know that John's contribution is far from finished." "Congratulations to Senator Faulkner on a distinguished career of public service in the Senate. Sincere best wishes for the future," Finance Minister Mathias Cormann tweeted. Labor MP Anthony Byrne said his friend's legacy is "enormous". "It is unlikely we will ever see the likes of John Faulkner in the Federal Parliament again," he said.