Five-time Olympic champion Ian Thorpe announced on Tuesday his retirement from competitive swimming. The 24-year-old Australian stunned the world by announcing his decision in a press conference in his hometown, Sydney. "It's a decision that has been difficult. I realize that there's things in my life that are more important for me," said Thorpe. Thorpe has suffered from a series of injuries and missed several top competitions in the past few years. "I've reached all the dizzying heights of this sport. I've had a tremendous amount of success and I've also had setbacks." Yet, Thorpe had no regrets about his decision, which he said took while recuperating and training in Los Angeles, USA. "I've had a great career. It isn't the best time to be walking away from the sport but it's my time," he said. "I don't think I should be retiring, I think I'm far too young to retire, but it's a thing that we should be celebrating. I've had a great career." Thorpe cited lack of motivation as one of the main reasons for walking away. "None of my goals included breaking any more world records. I knew how to do it, but it wasn't as inspiring as it should have been." Thorpe, who represented his country since he was 15, has five Olympic gold medals, 11 world titles and 10 Commonwealth Games gold medals to his name.