Mining magnate Clive Palmer has scrapped plans to challenge Treasurer Wayne Swan for his Queensland seat in the upcoming federal election.
Palmer said Opposition leader Tony Abbott had personally asked him not to contest the election.
He also said he had decided against the challenge because he didn't support the Opposition's refugee policy.
Palmer said he did not support offshore processing, and claimed efforts to block entry to Australia created a market for people smugglers.
Earlier in the year Palmer said the move to enter federal politics was aimed at getting the country "moving again".
He also claimed his intentions were genuine.
"This is not a stunt … it's a factual reality," he said.