Nick Sherry has stepped down from the federal ministry, before a wider reshuffle by Prime Minister Julia Gillard.

The outgoing small business minister says he will not contest the next federal election.

“I’ve being around a long time,” he told reporters in Canberra today.

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Stepping down … Nick Sherry. Photo: Erin Jonasson

Senator Sherry said the decision to step down was his alone.

“I’ve just turned 56 and you do think about these issues a little more when you get a touch older,” he said.

Spending time with his three young children was a greater priority than being a government frontbencher.

Senator Sherry said he had served under four Labor prime ministers – Bob Hawke, Paul Keating, Kevin Rudd and Julia Gillard – and three other Labor leaders Kim Beazley, Simon Crean and Mark Latham.

The only Tasmanian in the ministry is hoping he will be replaced by a Tasmanian colleague, likely to be parliamentary secretary Julie Collins.

Senator Sherry, who has been a minister since Labor returned to power in 2007, said he told Ms Gillard of his decision during the recent ALP national conference.

She is expected to announce details of a ministry reshuffle later today.

Senator Sherry said it was important that the executive in government or business was refreshed by a reshuffle.

“That has been part of my considerations,” he said.

The senator is optimistic about Labor’s chances at the next election, most likely in late 2013.

“Labor will win the next election in my view if it highlights the real risk that [Opposition Leader] Tony Abbott’s agenda represents to the Australian people,” he said.

“The Labor Party will win the next election if it wins that debate, and it is perfectly capable of winning that debate.”

Senator Sherry’s term in the upper house expires on June 30, 2014.

AAP