Cameron Clyne, the head of the Australia Bank has announced his decision to leave the bank and retire from executive life on July 31.

Clyne is leaving the multi-million dollar job at the bank in order to be with his family. The senior banker, which is now 46 year's old, has surprised the market with the announcement of his retirement. Mr Clyne has worked as the chief executive for a period of more than five and a half years.

He will now forgo a lucrative pay packet in which he took home cash and shares worth as much as $8.8 million in one year. The banker is expected to be replaced by Andrew Thorburn, who has headed NAB's Bank of New Zealand since 2008. Mr Clyne said that his position at the bank had taken a personal toll on his family and he wanted to spend more time at home. He said that he wants to spend more time with his wife and two children.

Mr Clyne said, "Idlike to be married longer than I am CEO. It's not a done deal yet, but this is helping. A lot of people talk about work-life balance. This is what it looks like when you prioritise your family over your career."