Mr Gunner announced he was standing aside as Chief Minister after handing down the 2022-23 budget on Tuesday morning.

Speaking at a press conference shortly after the announcement, Mr Gunner became visibly emotional while telling media that his heart was no longer in the job.

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"I can no longer look Territorians in the eye and say I can keep giving 100% every day. If I can't do that then I shouldn't be in the chair," he said.

He said he made the decision after the birth of his second son, Nash, late last month.

"When I held Nash for the first time, that was it. Game over. I knew straight away that I was done."

He said having a heart attack in early 2020 also contributed to his decision.

His wife and ABC journalist Kirsty O'Brien as well as his mother Jane were present at the press conference with the couple's sons Hudson and Nash, as well as Deputy Chief Minister Nicole Manison.

Mr Gunner said he had learnt a lot from his mother.

"I've learnt a lot from Mum about working hard, never giving up, how to be a good parent, a lot more.

We did it tough growing up , Mum never complained. She has worked and worked and worked and worked and did whatever it took to put her family first."

Of his wife, Mr Gunner said: "She's been walking in my shadow long enough. I cannot wait to walk in hers and support her like she has supported me."

Mr Gunner is the first NT-born Chief Minister of the Territory, and has been in the role since August 2016.

The Labor Caucus will meet on Friday to choose a new Chief Minister.

Mr Gunner made mention of Ms Manison and Health Minister Natasha Fyles in his address to media.

"I can't count the times I've got on the phone to either of these two with the same problem that's popped up and the response is 'I'm onto it, consider it done," he said.

When asked if she thinks she will become the next Chief Minister, Ms Manison said that would be determined by the caucus. She did not directly say whether or not she intended to put up her hand for the job.

Ms Manison will act as Chief Minister until the next Chief Minister is chosen.

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