In a press conference on Friday, the Victorian Premier, Steve Bracks has announced that he would resign as head of the State government as well as retiring from politics.
Saying that he is proud of what the Labor Party has achieved in 8 years since being in government, he leaves behind a 'talented and cohesive team' that 'enjoys a strong mandate from the Victorian people.'
Mr Bracks continued, saying that when he realises he cannot give 100 percent into the future nor commit to contest the election in 2010, he has an obligation to inform Victorians as early as possible.
"For me it is the right time to step down. I could not have given any more to this great job than I have. So, as soon as I realised that I could no longer continue to give 100 per cent into the future – and could not commit to contest the election in 2010 - I was obliged to tell the Victorian people as early as possible," he said.
Citing economic statistics, such as 400,000 Victorians today have new jobs and the unemployment rate is at its lowest since the 1980s, he said that he was personally proud that Labor is now seen as a 'responsible financial manager.'
The issue of financial management is particularly acute for the Victorian Labor Party who was previously seen in an opposite light due to the massive debt and unemployment figures that the State accumulated as it was going through an economic downturn in the late 1980s and early 1990s.
The Premier has also outlined the early initiative the state government took to tackle climate change such as buying green energy, encouraging renewable power generation and cutting domestic and industrial consumption.
However, for some Christians he is infamously known as introducing the Racial and Religious Tolerance Act in 2001 which had landed two pastors in court for making 'offensive' remarks about Islam and the Prophet Muhammad.
Steve Bracks has served in the Victorian parliament for 13 years and almost eight years as Premier. He concluded his press conference with thanking his family for supporting him.