UPDATE: Michael Cheika has confirmed he won't seek re-appointment as Wallabies coach after Australia's World Cup quarter-final exit, taking a swipe at Rugby Australia's administration on the way out.
The Wallabies coach announced his decision on Sunday from Oita, sticking to his public stance that he would walk away from the job if the Wallabies failed to win the World Cup.
Cheika has said previously that he would quit unless the Wallabies won the World Cup and though he objected to questions about his future immediately post-match, he said that was ultimately the reason he was stepping down.
"I got asked the question in the press conference, you would've been there and listening, about what's going to happen going forward and at the time I wasn't keen to answer but I always knew the answer in my head, I just wanted to speak to my wife and tell a few people up there about it," he said.
"I put my chips in earlier in the year I told people no win, no play.
"So, I'm the type of man who always going to back what he says and I knew from the final whistle but I just wanted to give it that little bit time to cool down, talk to my people and then make it clear."
Cheika had said as early as 2018 that if the Wallabies missed out on the Rugby World Cup he would walk away and though he admitted he would have liked to stay on, he said on Sunday he was committed to his word.
"I had no regrets about making the call but yes I would love to stay on," he said.
"I'm really attached to the team and it's an honour doing this role, coach of Australia.
"It's not given to a lot of people and I take it with a lot of pride and a lot of honour but like I said I made my call and I wanted to show that I prepared to put myself on the line to achieve what I believed the team could. We didn't do that and I've got to stand by what I said."
Cheika and the Wallabies were the subject of a review this time last year after a dismal 2018 season and that resulted in the axing of attack coach Stephen Larkham and the appointment of Scott Johnson as director of rugby.
As part of that review, Johnson and Michael O'Connor came on board as Wallabies selectors along with Cheika, something he voiced his frustrations with on Sunday.
"It's no secret I've pretty much got no relationship with the CEO (Raelene Castle) and not much with the chairman," he said.
"Scott's a lovely bloke and I get on fine with him but I'm not really into that type of thing, I like to take that responsibility.
"I found also that it changed my normal routine around things.
"Not that my way's definitely the right way, I'm definitely not saying that but that's just the way I like to operate.
"I've always prided myself on not compromising my own values and what I want to do so I found that a little bit difficult at times.
"It's tough because you're sort of betwixt and between, you so want to be a part of it and then sometimes it can't always be how you wanted but that's the way the role's set up and I know my place within that structure.
"So you either follow it, which I've tried to do over this last 12 months or you make the choice not to be in it."
Cheika played down the significance of that distance between he and the administration when probed further.
"It's a point I made but it's not the point," he said.
"The point is I made the call to say no final, no stay. I back that.
"On this occasion I put my chips in, I didn't get it right, but I always back the players to get the job done. I had full trust in them that they would get it done. Didn't happen, weren't good enough and that's the way she rolls."
Rugby Australia released a statement on Sunday evening, with Castle thanking Cheika for his tenure.
“On behalf of Rugby Australia, I want to thank Michael for his dedication and service to the role of Wallabies Head Coach since taking up the position in 2014," she said in the statement.
“Michael is a passionate and experienced coach who worked tirelessly to get the best out his players. He cares deeply about the Wallabies and the game of Rugby, and always set out with the aim of making Wallabies fans proud of the team’s performances.
“Michael came into the role at a turbulent time, and experienced immediate success by taking the Wallabies to a World Cup Final after only one year in the job. He was later given the ultimate recognition for that achievement by being named World Rugby Coach of the Year.
“Now that the Wallabies have exited the tournament, Rugby Australia’s Director of Rugby, Scott Johnson will lead a thorough review of the Rugby World Cup campaign and the 2019 season.
“This is an important process which is undertaken at the completion of each tournament or series and this review will examine all aspects of the Wallabies program, from coaching to physical preparation, player fitness, and skill development.
“As expected at the end of a Rugby World Cup year, there are a handful of senior players leaving the Wallabies program and coaching staff coming off contract ahead of next year. There has already been much work completed in preparing for the future in this regard, and that work will also continue until the end of the year.”
The 52-year-old will bow out with a 50 per cent win rate from 67 Tests at the helm (34 wins, 31 losses) and at the end of his tenure, the Wallabies sit at an all-time low seventh in the world.
His stint in the job began amazingly well with a run to a World Cup final but since the 2015 Rugby World Cup, the Wallabies have managed just 23 wins from 51 Tests.
The former Randwick no. 8 wasn't quite ready for reflection on what had gone wrong in the past five years or where Australia had fallen short, adamant that until 8:15pm AEDT on Saturday night, he still had confidence his team was on track.
"This is really just come upon me in the last 24 hours," he said.
"Really genuinely, I no one ever tends to believe you but I only thought it since it happened.
"I never thought about it or considered it happening before then.
"That's the way I am, I'm able to make those cutoffs around situation or the environment, I'm able to stay focused inside of what I'm doing and then when the other situation appears I'll deal with it then."
Cheika said he had mainly pride in his team for what it had produced, not worried about specifics in wins and losses.
"This is something I've only just thought about in the last 24 hours since we lost the game and I haven't really had a chance to reflect on that but regret you usually feel straight away," he said.
"I'm obviously sad after games when we don't win but I'm always making sure that we're 100 per cent prepared, no stone unturned whatever one I know and I can honestly say I'm always looking to be better but I'm really proud of what I've been able to do over the last few years with the team under some fairly challenging circumstances on and off the field."
Cheika will see out his contract, which runs until December 31, before the next coach takes over.
Kiwi Dave Rennie, currently coaching Glasgow is expected to be one of the front runners to take over the job but there is water yet to flow under the bridge before any appointment is made for 2020 and beyond.
Cheika said he hadn't thought about what his next step would be but hinted that it would be hard to walk away from coaching altogether.
It'd be very hard to replicate the thrill and the excitement of coaching at the national level," he said.
"Gives you a buzz every time you're out there and every time you're in the dressing rooms with the team.
"I've never coached as a job, I've always coached for thrill, for the pleasure so I haven't really thought about what I'm doing next."
