The former Labor leader announced his retirement on Thursday and revealed he would be appointed as vice-chancellor at the University of Canberra.
"Education is the modern means of taking someone from disadvantage to advantage in a way that no other method can, and universities have a critical role to play," he told reporters in Canberra.
"The hopes and dreams of Australians are lifted when they're able to fulfil their own potential, and the hopes and dreams of our nation are lifted too.
"For me, this is the fair go in action."
Mr Shorten's new role will begin in February, but he will remain in the ministry until then.
Prime Minister Anthony Albanese thanked Mr Shorten for his work and paid tribute to his storied career.
"He united the party, he re-energised the caucus, he saw off two prime ministers, and he rebuilt Labor into a strong opposition and a genuine alternative government," he said on Thursday.
"Through his years as leader, no one worked harder than Bill.
"No one brought more energy, enthusiasm, ideas and ambition to advocating for the need for a Labor government."
Bill Shorten said there was more work to be done but he was proud of everything he'd achieved. (Lukas Coch/AAP PHOTOS)
Mr Shorten led the Australian Labor Party from 2013 to 2019 and has served as the MP for the Melbourne electorate of Maribyrnong since 2007.
He was appointed to the ministry during Kevin Rudd and Julia Gillard's government, before winning the role of opposition leader.
But when the Liberals took a surprise victory in the 2019 election, Mr Shorten stepped back and Mr Albanese took on the mantle.
He returned to cabinet as the National Disability Insurance Scheme and government services minister after Labor won the 2022 federal election.
Mr Shorten said there was still more work to be done but was proud of everything he had already achieved.
"I had the very amazing privilege of serving as leader of our party and the movement which has been such an irreplaceable part of my life," he said at the press conference.
"Labor is at its best when we are the party of ambition and compassion, when we use the power of politics to stand up for those who were denied power by the circumstances of their birth.
"It's what drives our entire government, it's what continues to drive me every day."
Former Labor leader Bill Shorten will remain as a minister until his departure in February.(Lukas Coch/AAP PHOTOS)
For years, Mr Shorten has championed welfare recipients by speaking out about the former coalition government's unlawful debt collection scheme.
But he has also attracted criticism from disability advocates over proposed changes to the NDIS.
Asked if he had any regrets, Mr Shorten turned to Frank Sinatra's nostalgic ballad.
"Regrets, I've had a few, and then again, too few to mention. I did what I had to do, but much more than this, I did it my way," Mr Shorten said.
Prior to his career in politics, the former Labor leader was a prolific union figure, having been elected as the Australian Workers' Union's Victorian state secretary and later national secretary.
Mr Shorten became a national figure as a negotiator during the 2006 Beaconsfield Mine collapse.
Opposition Leader Peter Dutton acknowledged the former Labor leader's contributions and congratulated him for his time in Parliament.
"He had a disappointing end ...during his time as leader of the opposition, but he recovered well, and he showed a level of dignity and respect to our democratic process that he should be honoured for," he told reporters in Sydney.
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