THE state seat of Newcastle will see its fourth MP in as many terms with Tim Owen announcing he would not recontest the 2015 election at a press conference on Monday.
Mr Owen made a short statement, stating recurring health issues and recent Independent Commission Against Corruption (ICAC) revelations had influenced his decision.
"It appears highly likely that prohibited donors did contribute in some way to my campaign," he said.
He said he had "no knowledge" of the donations at the time and was "extremely angry" following the revelations made in recent weeks at the ICAC investigations.
Mr Owen refused to take any questions from the media following his statement, but said he was looking forward to finishing the remainder of his term.
Speculation surrounding the future of Mr Owen reached fever pitch last week when other ministers highlighted his absence in State Parliament.
He was on personal leave from Parliament while an inquiry was held into political donations.
The hearings have centred on the allegedly illegal fund-raising efforts made by Liberal party figures.
Payments totalling $400,000 are being scrutinised, including $66,000 from Buildev, which was closely associated with Nathan Tinkler.