But it also comes amid a looming challenge from a prominent  independent candidate in his blue-ribbon Liberal seat.
The opposition frontbencher and former communications minister, who has represented the seat of Bradfield in Sydney's north since 2009, will quit politics at the next election.
"I'm a believer in renewal for individuals and for institutions. I've been lucky. I've had 15 years in the parliament," he told reporters in Sydney on Tuesday.
"I've contested six elections, but now it's time to let somebody else have a go."
While Bradfield has long been considered a safe seat for the Liberals, Mr Fletcher suffered a 15 per cent swing against him in 2022 before clinching a narrow victory over independent Nicolette Boele.
With the Liberals' margin slashed to 4.2 per cent, Ms Boele has launched another campaign ahead of the federal poll due by May next year.
Mr Fletcher used his retirement to warn about the potential election of the independent candidate.
"In the federal parliament, greens minority government will be even worse, and there's no doubt in my mind that that message will resonate effectively here in Bradfield," he said.
While Ms Boele thanked the incumbent MP for his years in parliament, she said the electorate needed a change.
"As I continue to meet people across Bradfield, they tell me they want a representative who is loyal to locals, not to Peter Dutton," she said.
"I've had thousands of conversations with members of our community this year who feel let down by the political parties.
View this post on Instagram A post shared by Paul Fletcher MP (@paulfletcher_mp)
"The supermarket shop has never been more expensive, our power bills keep rising, and our children and grandchildren can't buy a home."
Mr Fletcher was first elected to parliament at a by-election in 2009 sparked by the retirement of former opposition leader Brendan Nelson.
After Malcolm Turnbull become prime minister, he was named minister for territories and local government and later urban infrastructure.
He was a prominent cabinet minister in Scott Morrison's government, first as social services minister and later leading the communications portfolio.
He plans to return to the private sector.
Opposition Leader Peter Dutton said the outgoing MP was a "man of superb character".
"Taking over from Dr Brendan Nelson, Paul had big shoes to fill. But fill them he most certainly did," he said.
"Paul has been a voice of reason in the Liberal Party and a man whose intellect and hard work has unquestionably bettered our nation."
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