Mr Faymann came to power in 2008. Recently he has been under pressure from his own party simultaneously by some because of his tough asylum policy and by others for refusing to form coalitions with the anti-immigration Freedom party (FPO), whose candidate won the first round of the presidential vote on an anti-Islam and eurosceptic platform.
In a statement issued after a party meeting Faymann announced his resignation both as chancellor and as head of the SPO, citing lack of support by his party.
“I'm firmly convinced that this country is strong enough to face the challenges of the future,” the outgoing chancellor told reporters.
However, Austria has been trapped in political turmoil ever since Norbert Hofer won in the first round of the presidential elections for the FPO.
Even though, president of Austria is mainly a ceremonial role, Hofer has threatened to make use of a right to dissolve parliament before the 2018 elections, warning other candidates in a TV debate that “you will be surprised by what can be done [by a president]”.