The 85-year-old, who was elected Pope in 2005, announced his decision in Latin during a meeting of cardinals at the Vatican.
Bishop Wright, head of the Catholic diocese of Maitland/Newcastle, told 1233's Jill Emberson he heard the news early this morning. (listen to attached audio)
"Very surprised, I think one of the amazing things about it is that there was no leak at all," the Bishop says.
"He seems to have pulled off a complete coup, kept it secret to the end."
However Bishop Wright says he wasn't shocked by the Pope's decision, as such a move had been discussed regarding a previous Pope.
"When John Paul the second was very obviously ailing in the last years of his papacy, the prospect of his retiring due to ill health was canvassed quite a lot," he says.
"It's not something that hasn't been thought about in recent times.
"It hasn't been done in a long, long time.
"So I'm not shocked, I'm certainly taken by suprise, I didn't read any tea leaves and see this coming."
Pope Benedict XVI is the first pontiff to resign in almost 600 years, the last being Pope Gregory XII who stepped down in 1415.
Bishop Wright says he's quite impressed by the Pope's decision.
"Anyone who decides to do something no-one's done for 600-odd years is sticking his neck out," he says.
"It takes a little bit of imagination, it takes a certain humility, it's an admirable thing to do in some ways."
The Bishop says the current Pope is quite a different character to John Paul II who chose to "tough it out" to the end despite his failing health.
He says Pope Benedict was already an advanced age when elected, and had never been as physically robust as his predecessor.
In the Middle Ages, Bishop Wright says, it could take a couple of years to replace a Pope but these days it's a much quicker process.
A conclave of cardinals is expected to choose a new Pope by the end of March.
UK bookmakers have already tipped Nigeria's Cardinal Francis Arinze, Peter Turkson of Ghana and Canadian Marc Oullet as the favourites.
Bishop Wright says he knows Cardinal Oullet and has had dealings with him, but says it's just as likely the new Pope could come from Africa or South America.
So could we see a black Pope?
"Yeah, could be," he says. "They seriously thought that might happen last time."
Pope Benedict will be remembered as a strict traditionalist and for his tendency to attract controversy.
Born Joseph Ratzinger in Germany, Pope Benedict rejected ordination of women and marriage for priests.
He fiercely opposed abortion, euthanasia and gay marriage, as well as speaking out against communism, homosexuality and even rock music.
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