Hockey praises Kelly's success

Departing Westpac chief Gail Kelly could have another role to play in Australian public life if Treasurer Joe Hockey has his way.

Mr Hockey has praised Ms Kelly as "extremely successful" following Westpac's announcement its CEO is stepping down.

"She and many others have helped to build a great bank in Westpac," he said on Thursday.

"I pay tribute to her and I really hope her service to Australia has not ended because as female leader and a finance leader I think she has a tremendous amount to contribute."

Mr Hockey also credited Ms Kelly's role as a top Australian banking executive during the global financial crisis.

He pointed to the strength of the nation's big four banks in helping to fend off the worst of the fallout, which sent other industrialised countries into recession.

Opposition Leader Bill Shorten also lavished praise on Ms Kelly, describing her as a distinguished and "very special" person.

"I think the glass ceilings which she's broken through in her banking career are remarkable," Mr Shorten told reporters in Sydney.

As a leader in the financial services sector she put a whole lot of justice and equity issues on the table that hadn't gained attention before, he said.