Despite throwing her name in the ring for the top job – and being the people's choice for the gig - Bishop was overlooked by her fellow party members and treasurer Scott Morrison was voted in as Australia’s 30th Prime Minister.
Bishop shared the news on Twitter, stating “I will remain on the backbench as a strong voice for Western Australia.”
“I have been pre-selected by the Liberal Party for the seat of Curtin and I have made no decision regarding the next election”.
Tributes rolled in for Bishop following the news, with ousted Prime Minister Malcolm Turnbull calling her an “Inspiring role model for women”.
“I thank Julie for her loyalty and friendship over many years but especially as my deputy,” Turnbull said. “She has been and remains an inspiring role model for women here and around the world.”
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“Their strongest performer, most popular minister, and best fundraiser, completely disrespected by a bunch of blokes with half her intellect. Let’s see how they get on without her,’’ said Labor MP Claire O’Neil.
Fellow Liberal MP Julia Banks described her as a "fine leader and a standout role model for girls and women."
“She is rightfully praised as one of the best Foreign Ministers in the world,” Ms Banks said in a statement.
“I thank Julie for her support, guidance, and superb leadership. As a colleague and friend I look forward to continuing to work alongside her.”
Rumours are now circling that Bishop is being could be in the running to be Australia’s next Governor-General.