Australia's one-day captain Aaron Finch announced on Friday that the next ODI against New Zealand will be his last before retiring from the 50-over format.

Finch, 35, will finish with 145 ODI matches and 54 as captain, but will continue to lead the T20 side. 

While his record is strong, boasting 5401 runs at an average of 39.42, he has struggled mightily lately as he became the first Australian to record five ODI ducks in a calendar year. In his past seven ODIs, he has 26 runs and three ducks.

Speaking to the media at his retirement press conference, Finch said now was the time to step away to allow a new leader to get acclimated ahead of the World Cup.

"It has been a fantastic ride with some incredible memories," he said. 

"I have been extremely fortunate to be a part of some brilliant one-day sides. Equally, I have been blessed by all those I have played with and the many people behind the scenes.

"It is time now to give a new leader the best possible opportunity to prepare for and win the next World Cup. I thank all of those who have helped and supported my journey to this point."

Cricket Australia CEO Nick Hockley added: "On behalf of Australian Cricket, I would like to congratulate Aaron on his vast contribution as captain of the Australian Men’s ODI team and as a wonderful exponent of the 50-over format.

"Aaron is an enormously gifted and determined player whose outstanding deeds with the bat have been matched by his strong and inspiring leadership. His decision to step aside from the ODI captaincy now is typical of his selfless approach to the game.

"I'm delighted Aaron will lead the Australian team into the forthcoming ICC Men’s T20 World Cup where his leadership, experience and tactical nous will be integral to the defence of our T20 World Cup title on home soil."