SYDNEY -- Two of Oceania's top political leaders have stepped down to spend more time with their families, but there may also be another reason for them to retire in the prime of their lives.

On Jan. 19, Mike Baird,48, announced he was resigning as premier of New South Wales, Australia's most populous state.

"There is a strong personal cost that comes in public life," Baird said, adding that his parents and sister were going through serious health challenges. "I have been in pain, not being able to spend the time that I should" with family members, Baird said in tears.

Baird's retirement came as a shock, as he was considered a promising young politician and a possible future Australian prime minister.

Last December, New Zealand's Prime MinisterJohn Key also announced his retirement, at the age of 55, citing family reasons.He had beenone of the country's mostpopular politicians, known for solid fiscal management, since he took office in 2008. "I've gotnothing left in the tank," Key said.

Local media have speculated that both Baird and Key simply gave up on politics, as neither has been the subject of scandals. Both have signaled their intention to move into the private sector, where it will be easier for them to achieve a positive work-life balance.

Headhunters are said to be after Baird and Key, both of whom implemented successful economic policies capitalizing on the business acumen they accumulated as bankers. State premiers are said to earn money equivalent to $170,000 to $260,000 a year, while Australia's prime minister earns about $380,000. Heads of Australian companies can earn 10 times as much.

Key, known as one of New Zealand's wealthiest men, also said he wants to hand overpower to a newgenerationof politicians. He may have thought it is better to make way for new blood amid the global uncertainty that has followed the inauguration of U.S. President Donald Trump and the U.K.'s decision to leave the European Union.

Upon hearing about Key's announcement, Australian Prime Minister Malcolm Turnbull sent him a text: "Say itain't so, bro." Amid lackluster policy achievements by Turnbull, the ruling party's approval rating is now 46%, compared with the opposition's 54%.Turnbull may have had mixed feelings about his peers' departures.

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Work-life concerns drive Oceania leaders' departures - Nikkei Asian Review