Hockey set to deliver final speech after 20 years in parliament

Former treasurer Joe Hockey will deliver his final speech to parliament today ahead of him quitting politics.

Mr Hockey was dumped as treasurer when Malcolm Turnbull seized the Liberal leadership from Tony Abbott last month.

A by-election in his seat of North Sydney is expected before Christmas, despite a federal election being less than 12 months away.

Mr Hockey is widely expected to be appointed the next Australian ambassador to the United States, replacing former Labor leader Kim Beazley in the role.

He told coalition colleagues at his last partyroom meeting yesterday he was optimistic about Australia's future and wanted the Turnbull government to be the best in the country's history.

However, he warned the "revolving door of politics" had to stop - referring to Labor and coalition MPs tearing down three prime ministers since 2010.

Mr Hockey, who received a standing ovation in the party room, was first elected to parliament in 1996 and in 1998 became one of the youngest federal ministers.

In his first speech he said he wanted to "make a contribution to the future of Australia".