Andrews announced he was standing down from the role after nine years at a media conference in Melbourne today.

The resignation is set to be effective from 5pm local time tomorrow, while his successor is due to be announced tomorrow.

"It's not an easy job being the Premier of our State - that's not a complaint, that's just a fact," Andrews said.

"It requires 100 per cent from you and your family. 

"That is, of course, time limited and now is the time to step away."

After winning last year’s election Andrews declared he was intending to see out a third term as Premier through until 2026, but said during the media conference: "It was true then and I've changed my mind.

"And having explained to you in my statement ... I hope that you have a sense that when it's time, it's time."

One significant decision taken during what proved to be the final few months of Andrews tenure was to scrap plans for Victoria to host the 2026 Commonwealth Games.

Andrews cited rising costs in scrapping plans for the city to host the Games in 2026, telling a media conference at the time: "I will not take money out of hospitals and schools in order to fund an event that is three times the cost [which] is estimated and budgeted for last year."

Victoria subsequently agreed to pay AUD$380 million (£190 million/$242 million/€222 million) to settle disputes arising from the Games cancellation, while Andrews refused to appear in front of a Senate inquiry into the State’s withdrawal from hosting in 2026.

Deputy Premier Jacinta Allan and Public Transport Minister Ben Carroll are likely contenders to succeed Andrews.

"To have been Premier for nine years and the leader of my party for 13 years is a greater set of opportunities than I ever thought would be afforded to me, a kid from the country with only really an aspiration to do good, to work hard, to work with teams of people to perhaps make things better," Andrews added.

Andrews is also resigning as Member of Parliament for Mulgrave, triggering a by-election in what is considered to be a safe seat for the Labor Party.

Victoria’s Opposition Leader John Pesutto acknowledged Andrews long period of service but claimed that he was leaving "a state that is broken."

Commonwealth Games Australia (CGA) is currently working on trying to find a solution to Victoria’s cancellation of the 2026 edition, with options on the table including a possible delaying of the event until 2027.

CGA chief executive Craig Phillips says he hopes to have a solution in place by the time the Commonwealth Games Federation stages its General Assembly, due to be held in Singapore in November.