Federal MP Clive Palmer has stated his retirement from the House of Representatives’ membership while putting a halt to his Senate contesting in 2016.

Palmer confirmed to being out of politics indefinitely, but his claims might still show the possibility of the MP’s return to the Senate elections to fight for a Queensland candidature. According to News.com.au, Palmer’s decision came as a surprise to those who spread and came across rumours regarding his intention to shift from the lower house to the upper house soon. The self-proclaimed billionaire issued a statement on Monday and confirmed that he never wanted any endorsement from the Palmer United Party and he would not stand for the Senate.

“There are some excellent people who have nominated to be endorsed to stand for the Palmer United Party in the Senate in Queensland and I am confident the party will continue to play a significant role in Australian political life,” Palmer said in his statement. “Regardless of the party Australians vote for in the House of Representatives at the election, they should vote for Palmer United in the Senate so the Liberals or Labor won’t reintroduce the 2014 Budget.”

Clive Palmer said that he is confident enough that his party will win the elections to be held on July 2. “We’re looking forward to being able to control the balance of power in the Senate so we can keep the 2014 budget initiative at bay,” the retiring MP said as quoted by the ABC.

Palmer’s decision to quit politics arrived after the legal battles and criticisms that he has been facing for the destruction of Queensland Nickel refinery business that caused a loss of over 200 jobs. The Sydney Morning Herald reported that the federal MP has also been alleged of spending $20 million for 2013 election campaign that resulted in his win by a mere 53 votes.