Shadow Treasurer Chris Bowen has announced he will no longer be running for the leadership of the Labor Party.

The announcement comes as a surprise, as he announced earlier this week he intended to take part in the ballot.

It leaves the door open for Anthony Albanese to become the new Labor leader.

Mr Bowen insists he would’ve had majority support from his colleagues in the caucus ballot, but Mr Albanese is a more popular public figure.

“It’s important that the next leader of the Labor Party has the broadest support possible.

“I wish Albo the best.”

He also said it’s important the Labor Party presents a united front, which would be undermined by the leadership contest.

“It wouldn’t be fair to put the party through the cost of the process.”