Former ABC political reporter Peter Kennedy says Clive Palmer will go down in political history as a “one-hit wonder” after the mining mogul announced he would not seek re-election at the upcoming election.

Clive Palmer. Photo: jwmcdonald81.

The founder of the Palmer United Party announced his decision in Federal Parliament this morning following Malcolm Turnbull’s announcement that he would be asking for the election to be held on July 2.

Mr Palmer told Federal Parliament he hoped to continue serving his country.

“We need to have courage to let go and move on. I believe I have the courage today to leave the House of Representatives, satisfied with what Palmer United Party has done and knowing it would have been a different Australia if we hadn’t stopped the 2014 Budget and the Newman Government in Queensland,” Mr Palmer said.

Having concluded my service in 44th Parliament in House of Reps, I will not seek further election to this House at the next election #auspol

— Clive Palmer (@CliveFPalmer) May 4, 2016

Former ABC political reporter Peter Kennedy said it wasn’t a real surprise that Mr Palmer’s support had dwindled.

“Clive Palmer will go down in federal politics as something like a one-hit one wonder. In the 2013 election he gained a good result but he squandered it in three years,” Kennedy said.

“Those people who voted for him in 2013, hoping that he would make a difference, wouldn’t vote for him again in 2016 because they have been disappointed in what he and his party has done over the last three years.”

At a press conference in Canberra, Mr Palmer said the Palmer United Party would be aiming for Senate seats in WA and Tasmania. Senator Zhenya Wang would lead the WA team.