CANBERRA -- Australia's Minister for Finance Mathias Cormann announced on Sunday that he will quit politics by the end of 2020.

Cormann, one of the most senior figures in the governing coalition, described his political career as "one of the greatest privileges of my life."

Cormann was elected as West Australian senator in 2007 and has served as finance minister under three different prime ministers since 2013.

In a statement Cormann said that he would remain in the job to finalize the federal budget, which has been delayed until October.

"I love this job. Every single day I am giving it my all," he said.

"By the end of this year we will be half-way through this current term of government."

"Having decided not to recontest the next election, I can confirm that I have advised the prime minister that the end of this year would be an appropriate time for an orderly transition in my portfolio," he added.

His resignation comes at a time when Australia is facing record budget deficits as a result of the global pandemic.

It is also expected to trigger a reshuffle of Prime Minister Scott Morrison's cabinet.