Ricky Ponting, former Australian captain and second highest Test run scorer of all time, has announced he will retire from international cricket.
The 37-year-old will play his last Test against South Africa this weekend.
At a news conference he said: "I haven't been performing consistently over the last 12 to 18 months. I believe now is the right time.
Ponting made the announcement next to his wife Rianna, daughters Emmy and Mattise the entire Australia team
"At the end of the day (the decision) was based on my results. In this series so far they have not been up to the level required of batsmen and players in the Australian team.
"I'm glad to have got the opportunity to finish on my terms."
Current Australia captain, Michael Clarke, fought back tears as he paid tribute to his predecessor.
"The boys are obviously hurting, he has been an amazing player for a long time," he said.
"And that will do me for today. Sorry I can't answer that," he added.
Ponting's career spanned 20 years in which he earned 167 Test caps, 13,366 runs and 71 international centuries.
In 2003 he scored 257 in a match against India.
Ricky Ponting
Ricky Ponting(01 of60)
FILE - In this Oct. 17, 2005 file photo Australian captain Ricky Ponting poses with his team's trophy after winning the ICC Super Test on the fourth day against the World XI team at the Sydney Cricket Ground. The 38-year-old former Australia captain said Thursday, Nov. 29, 2012, the third test against South Africa starting Friday will be his last. (AP Photo/Rick Rycroft, File) (credit:AP)
Ricky Ponting(02 of60)
FILE - In this Jan. 4, 2012 file photo Australia's Ricky Ponting celebrates making 100 runs against India on the second day in their cricket test match at the Sydney Cricket Ground in Sydney, Australia. The 38-year-old former Australia captain said Thursday, Nov. 29, 2012, the third test against South Africa starting Friday will be his last. (AP Photo/Rick Rycroft, File) (credit:AP)
Cricket - Ricky Ponting Filer(03 of60)
File photo dated 29/11/2010 of Australian captain Ricky Ponting after the first Ashes Test at the Gabba in Brisbane, Australia. (credit:PA)
Cricket - Ricky Ponting Filer(04 of60)
File photo dated 19/12/2010 of Australian captain Ricky Ponting after winning the Third Ashes Test match at the WACA, Perth, Australia. (credit:PA)
Cricket - Ricky Ponting Filer(05 of60)
File photo dated 29/11/2010 of Australian captain Ricky Ponting batting during the first Ashes Test at the Gabba in Brisbane, Australia. (credit:PA)
Cricket - The NatWest International Triangular Series - Final - England v Australia - Lord's(06 of60)
Australia captain Ricky Ponting watches England's wicketkeeper Geraint Jones catches him out for 7 runs. (credit:PA)
Cricket - The Ashes 2009 - npower Second Test - Day Five - England v Australia - Lord's(07 of60)
Australia's captain Ricky Ponting shows his dejection after defeat against England in the second npower Test match at Lord's, London. (credit:PA)
Cricket - The Ashes 2009 - npower Second Test - Day Five - England v Australia - Lord's(08 of60)
England's Andrew Flintoff shakes the hand of dejected Australia captain Ricky Ponting as England captain Andrew Strauss (right) watches on during the fifth day of the second npower Test match at Lord's, London. (credit:PA)
Peter Siddle, Ricky Ponting(09 of60)
Australia's Peter Siddle, right, celebrates with teammate Ricky Ponting after the pair combined to take the wicket of South Africa's Dale Steyn on the final day of their cricket test match in Adelaide, Monday, Nov. 26, 2012. At stumps South Africa need 430 runs for the win. (AP Photo/Rick Rycroft) (credit:AP)
(10 of60)
Australia's Ricky Ponting, reacts during play against South Africa on the final day of their cricket test match in Adelaide, Australia, Monday, Nov. 26, 2012. At stumps South Africa need 430 runs for the win. (AP Photo/Rick Rycroft) (credit:AP)
(11 of60)
Australia's Ricky Ponting, right, catches out South Africa's Graeme Smith for no score on the fourth day of their cricket test match in Adelaide, Sunday, Nov. 25, 2012. Australia declared at 267 for 8 in their second innings giving South Africa a second innings target of 430 for the win. (AP Photo/Rick Rycroft) (credit:AP)
(12 of60)
Australia's Ricky Ponting is bowled for 16 runs by South Africa's Dale Steyn on the third day of their cricket test match in Adelaide, Saturday, Nov. 24, 2012. South Africa made 388 runs in reply to Australia's first innings of 550. (AP Photo/Rick Rycroft) (credit:AP)
(13 of60)
Australia's Ricky Ponting reacts after he is bowled for 16 runs by South Africa's Dale Steyn on the third day of their cricket test match in Adelaide, Saturday, Nov. 24, 2012. South Africa made 388 runs in reply to Australia's first innings of 550. (AP Photo/Rick Rycroft) (credit:AP)
(14 of60)
South Africa's Jacques Kallis, top right, celebrates with teammates after bowling Australia's Ricky Ponting, center bending over, during their cricket test match in Adelaide, Thursday, Nov. 22, 2012. The three-game series is even with a draw from the first test. (AP Photo/Rick Rycroft) (credit:AP)
Dale Steyn Ricky Ponting(15 of60)
South Africa's Dale Steyn, center, see the ball he edged is about to be caught by Australia's Ricky Ponting on the third day of their cricket test match in Adelaide, Saturday, Nov. 24, 2012. South Africa are chasing Australia's first innings of 550. (AP Photo/Rick Rycroft) (credit:AP)
Morne Morkel(16 of60)
South Africa's Morne Morkel, right, celebrates with team member Hashim Amla, left, after getting the wicket of Australia's Ricky Ponting during day three of the first cricket test between Australia and South Africa at the Gabba stadium in Brisbane, Australia, Sunday, Nov. 11, 2012. (AP Photo/Tertius Pickard) (credit:AP)
Ricky Ponting(17 of60)
Australia's Ricky Ponting walks back to the change room after getting out for 0 runs during day three of the first cricket test between Australia and South Africa at the Gabba stadium in Brisbane, Australia, Sunday, Nov. 11, 2012. (AP Photo/Tertius Pickard) (credit:AP)
(18 of60)
South Africa's teammates celebrate after dismissing Australia's Ricky Ponting, left, for 4 runs during their cricket test match in Adelaide, Thursday, Nov. 22, 2012. The three-game series is even with a draw from the first test. (AP Photo/Rick Rycroft) (credit:AP)
Peter Siddle, Ricky Ponting(19 of60)
Australia's Peter Siddle, foreground, is comforted by his teammate Ricky Ponting after dropping a catch offered by South Africa's Hashim Amla during the first day of their first cricket test match at the Gabba stadium in Brisbane, Australia, Friday, Nov. 9, 2012. (AP Photo/Tertius Pickard) (credit:AP)
Nathan Lyon(20 of60)
Australia's Ricky Ponting, left, and Nathan Lyon celebrate after Lyon got the wicket of South Africa's Alviro Petersen during day one of the first cricket test between Australia and South Africa at the Gabba stadium in Brisbane, Australia, Friday, Nov. 9, 2012. (AP Photo/Tertius Pickard) (credit:AP)
Andrew Flintoff(21 of60)
FILE This Sunday, Aug. 23, 2009 file photo shows England's Andrew Flintoff lifting his hat as he celebrates running out Australia's captain Ricky Ponting on the fourth day of the fifth cricket test match between England and Australia at The Oval cricket ground in London. Nearly two years after retiring from cricket, Andrew Flintoff is set to return to professional sport in the boxing ring. The 34-year-old Flintoff is planning to enter his new sport as a heavyweight and compete in his first fight in November although he is yet to be granted a boxing license. Flintoff said Thursday Sept. 6, 2012 that "it's a huge challenge probably the biggest I have ever undertaken, especially in such a short time-frame."(AP Photo/Kirsty Wigglesworth) (credit:AP)
(22 of60)
Australia's Ricky Ponting, center, plays a shot as West Indies' captain Darren Sammy, left, and wicket keeper Carlton Baugh look on during the opening day of their third and final cricket Test match in Roseau, Dominica, Monday, April 23, 2012. (AP Photo/Andres Leighton) (credit:AP)
(23 of60)
West Indies' captain Darren Sammy, left, high fives with bowler Shane Shillingford after he took the catch to dismiss Australia's batsman Ricky Ponting for 23 runs, during the opening day of their third and final cricket Test match in Roseau, Dominica, Monday, April 23, 2012. (AP Photo/Andres Leighton) (credit:AP)
(24 of60)
West Indies' Adrian Barath, right, watches as his captain Darren Sammy takes the catch to dismiss Australia's batsman Ricky Ponting for 23 runs during the opening day of their third and final cricket Test match in Roseau, Dominica, Monday, April 23, 2012. (AP Photo/Andres Leighton) (credit:AP)
(25 of60)
Australia's captain Michael Clarke, right, and his batting partner Ricky Ponting, background left, take two runs as West Indies' bowler Fidel Edwards looks on during the second innings on the last day of their second cricket Test match in Port of Spain, Trinidad, Thursday April 19, 2012. (AP Photo/Arnulfo Franco) (credit:AP)
(26 of60)
Australia's players Ed Cowan, front, and Ricky Ponting, right, take a run during the second innings on the fourth day of their second cricket Test match against West Indies in Port of Spain, Trinidad, Wednesday, April 18, 2012. (AP Photo/Arnulfo Franco) (credit:AP)
(27 of60)
Australia's Ricky Ponting, right, runs after hitting a four off the bowling of West Indies' Kemar Roach, as West Indies' Adrian Barath watches during the second innings on the fourth day of their second cricket Test match in Port of Spain, Trinidad, Wednesday April 18, 2012. (AP Photo/Arnulfo Franco) (credit:AP)
(28 of60)
Australia's Ricky Ponting rests after bats in the net during a training session ahead of their second cricket Test match against West Indies in Port of Spain, Trinidad and Tobago, Saturday April 14, 2012. The second of three Test cricket matches between West Indies and Australia begin on Sunday April 15. (AP Photo/Arnulfo Franco) (credit:AP)
(29 of60)
West Indies' captain Darren Sammy, right, high fives with teammate Narsingh Deonarine to congratulate him for bowling out Australia's Ricky Ponting for 14 runs during the second innings on the final day of their first cricket Test match in Bridgetown, Barbados, Wednesday April 11, 2012. (AP Photo/Andres Leighton) (credit:AP)
(30 of60)
Australia's Peter Siddle and Ricky Ponting, rear, give a thumbs up to their fans while celebrating the victory by 3 wickets over the West Indies in their first cricket Test match in Bridgetown, Barbados, Wednesday April 11, 2012. (AP Photo/Andres Leighton) (credit:AP)
(31 of60)
Australia's Ricky Ponting reacts as West Indies' captain Darren Sammy celebrates after he was bowled by Narsingh Deonarine for 14 runs during the second innings on the final day of their first cricket Test match in Bridgetown, Barbados, Wednesday April 11, 2012. (AP Photo/Andres Leighton) (credit:AP)
(32 of60)
Australia's Ricky Ponting bats in the nets as fans look on during a practice session in Bridgetown, Barbados, Friday April 6, 2012. The first of three Test cricket matches between West Indies and Australia begin on Saturday. (AP Photo/Andres Leighton) (credit:AP)
(33 of60)
Australia's Ricky Ponting, right, talks with assistant and batting coach Justin Langer, left, and captain Michael Clarke during a practice session in Bridgetown, Barbados, Friday April 6, 2012. The first of three Test cricket matches between West Indies and Australia begin on Saturday. (AP Photo/Andres Leighton) (credit:AP)
(34 of60)
Former Australian cricket captain Ricky Ponting speaks to media, Tuesday, Feb. 21, 2012, in Sydney, the morning after he was dropped from Australia's limited-overs squad for the ongoing tri-series against India and Sri Lanka. (AP Photo/Rick Rycroft) (credit:AP)
Ricky Ponting(35 of60)
Former Australian cricket captain Ricky Ponting leaves after speaking to media, Tuesday, Feb. 21, 2012, in Sydney, the morning after he was dropped from Australia's limited-overs squad for the ongoing tri-series against India and Sri Lanka. (AP Photo/Rick Rycroft) (credit:AP)
Zaheer Khan(36 of60)
India's Zaheer Khan, center, celebrates with his team after getting the wicket of Australia's Ricky Ponting during the One Day International cricket match between Australia and India in Brisbane, Australia, Sunday, Feb. 19, 2012. (AP Photo/Tertius Pickard) (credit:AP)
(37 of60)
India's players celebrate the dismissal of Australia's Ricky Ponting during their One Day International series match in Adelaide, Australia, Sunday, Feb. 12, 2012. (AP Photo/David Mariuz) (credit:AP)
Clint McKay(38 of60)
Australia's Clint McKay, center, celebrates the wicket of India's Rohit Sharma, with Ricky Ponting, left, and Ryan Harris, right, during their one day international match at the MCG in Melbourne, Australia, on Sunday Feb. 5, 2012.(AP Photo/Mal Fairclough) (credit:AP)
Sachin Tendulkar(39 of60)
India's Sachin Tendulkar leaves the ground after being caught by Australia's Ricky Ponting off the bowling of Mitchell Starc during their one day international match at the MCG in Melbourne, Australia on Sunday Feb. 5, 2012. (AP Photo/Mal Fairclough) (credit:AP)
Mitchell Starc, Sachin Tendulkar(40 of60)
Australia's Mitchell Starc, left, celebrates the wicket of India's Sachin Tendulkarafter, right, as he was caught by Ricky Ponting during their one day international cricket match at the MCG in Melbourne. Australia, Sunday, Feb. 5, 2012. (AP Photo/Mal Fairclough) (credit:AP)
Mitchell Starc(41 of60)
Australia's Mitchell Starc, center, celebrates the wicket of India's Sachin Tendulkarafter, left, sfter he was caught by Ricky Ponting during their one day international cricket match at the MCG in Melbourne. Australia, Sunday, Feb. 5, 2012. (AP Photo/Mal Fairclough) (credit:AP)
(42 of60)
India's Ranganath Vinay Kumar, center, celebrates with a teammates after taking the wicket of Australia's Ricky Ponting during their one cay international cricket match at the MCG in Melbourne, Australia, Sunday, Feb. 5, 2012. (AP Photo/Mal Fairclough) (credit:AP)
Peter Siddle, Ricky Ponting(43 of60)
Australia's Peter Siddle, right, and Ricky Ponting celebrate their victory over India after their cricket test match in Adelaide, Australia, Saturday, Jan. 28, 2012. (AP Photo/David Mariuz) (credit:AP)
Ricky Ponting(44 of60)
Australia's Ricky Ponting left, walks past the Indian team players including Sachin Tendulkar, center back, as they celebrate taking his wicket on day two of the second test match at the Sydney Cricket Ground in Sydney, Australia, Wednesday, Jan. 4, 2012.(AP Photo/Rob Griffith) (credit:AP)
(45 of60)
India's Virender Sehwag, left, VVS Laxman, second left, and Sachin Tendulkar congratulate Ishant Sharma, right, after he took the wicket of Australia's Ricky Ponting on the second day in their cricket test match at the Sydney Cricket Ground in Sydney, Wednesday, Jan. 4, 2012. India made 191 in their first innings. (AP Photo/Rick Rycroft) (credit:AP)
Ricky Ponting(46 of60)
Australia's Ricky Ponting watches his shot fly on day 2 of the second test match against India at the SCG in Sydney, Australia, Wednesday, Jan. 4, 2012. (AP Photo/Rob Griffith) (credit:AP)
Ishant Sharma Ricky Ponting(47 of60)
Australia's Ricky Ponting, left, moves forward as India's Ishant Sharma bowls on day 2 of the second test match at the Sydney Cricket Ground in Sydney, Australia, Wednesday, Jan. 4, 2012.(AP Photo/Rob Griffith) (credit:AP)
MS Dhoni, Ricky Ponting(48 of60)
India's MS Dhoni dives for a ball off the bat of Australia's Ricky Ponting during their second test cricket match at the Sydney Cricket Ground in Sydney, Tuesday, Jan. 3, 2012. Australia are chasing India's 1st innings score of 191. (AP Photo/Rob Griffith) (credit:AP)
Zaheer Khan, Ricky Ponting(49 of60)
India's Zaheer Khan, left, yells out after taking the wicket of Australia's Ed Cowan for 16 runs as Australia's Ricky Ponting, right, stands in his crease in their cricket test match at the Sydney Cricket Ground in Sydney, Tuesday, Jan. 3, 2012. India made 191 in their first innings. (AP Photo/Rick Rycroft) (credit:AP)
Ishant Sharma, Ricky Ponting(50 of60)
India's Ishant Sharma, front, reaches out in an attempt to filed a ball hit by Australia's Ricky Ponting, back, in their cricket test match at the Sydney Cricket Ground in Sydney, Tuesday, Jan. 3, 2012. India made 191 in their first innings. (AP Photo/Rick Rycroft) (credit:AP)
(51 of60)
Australia's Ricky Ponting puts on his helmet as he prepares to bat in the nets during their cricket training session in Sydney, Sunday, Jan. 1, 2012. India and Australia will play their second cricket test starting Jan. 3. (AP Photo/Rick Rycroft) (credit:AP)
(52 of60)
Ricky Ponting of Australia hits a four during the third day of the first test match against India at the Melbourne Cricket Ground in Melbourne, Australia, on Wednesday Dec. 28, 2011. (AP Photo/Andrew Brownbill) (credit:AP)
Peter Siddle, Ricky Ponting(53 of60)
Peter Siddle of Australia, third left, tackles team mate Ricky Ponting, second left, during their training at the MCG in Melbourne, Australia, Friday, Dec. 23, 2011. (AP Photo/David Callow) (credit:AP)
(54 of60)
MS Dhoni, left, of India watches on as Ricky Ponting of Australia hits a cut shot during the third day of the first test match at the Melbourne Cricket Ground in Melbourne, Australia, on Wednesday Dec. 28, 2011. (AP Photo/Andrew Brownbill) (credit:AP)
Doug Bracewell(55 of60)
New Zealand quick Doug Bracewell, facing camera at center, is congratulated by his teammates after dismissing Australian captain Michael Clarke and has now captured the vital Australian wickets of Ricky Ponting, Michael Clarke and Michael Hussey to have Australia reeling during their second innings in the fourth day of play in the second test match in Hobart, Australia, Monday, Dec. 12, 2011. (AP Photo/Chris Crerar) (credit:AP)
Ricky Ponting(56 of60)
Australian batsman Ricky Ponting is caught by New Zealand's Tim Southee off the bowling of Doug Bracewell during Australia's second innings in the fourth day of play in the second test match in Hobart, Australia, Monday, Dec. 12, 2011. (AP Photo/Chris Crerar) (credit:AP)
Ricky Ponting(57 of60)
Australia's Ricky Ponting, left, leaves the ground after being caught lbw for 5 off the bowling of New Zealand's Tim Southee, right in background, in the second day of play in their second test cricket match in Hobart, Australia, Saturday, Dec. 10, 2011 (AP Photo/Chris Crerar) (credit:AP)
Kane Williamson (58 of60)
New Zealand batsman Kane Williamson makes his way back to the pavilion after being caught by Ricky Ponting off the bowling of Peter Siddle during the third day of play in the second test match in Hobart, Australia, Sunday Dec. 11, 2011. (AP Photo/Chris Crerar) (credit:AP)
Chris Martin, Ricky Ponting(59 of60)
New Zealand's Chris Martin, center, without cap, celebrates the wicket of Australia's Ricky Ponting, left, during the 3rd day of the first cricket test between Australia and New Zealand at the Gabba in Brisbane, Australia, Saturday, Dec. 3, 2011. (AP Photo/Tertius Pickard) (credit:AP)
Chris Martin, Ricky Ponting(60 of60)
New Zealand's Chris Martin, right, celebrates the wicket of Australia's Ricky Ponting during the 3rd day of the first cricket test between Australia and New Zealand at the Gabba in Brisbane, Australia, Saturday, Dec.3, 2011. (AP Photo/Tertius Pickard) (credit:AP)