Malcolm Turnbull Australia's New Prime Minister ^Featured

Malcolm Turnbull is set to become Australia's 29th prime minister after toppling Tony Abbott 54 votes to 44 in a Liberal leadership ballot at Parliament House in Canberra.

Julie Bishop convincingly defeated Kevin Andrews in a ballot for deputy Liberal leader. Mr Turnbull resigned from Cabinet after today's Question Time and told Mr Abbott he would challenge for the leadership.

Before the vote, the former communications minister said he had been under sustained pressure to put his name forward. "Now this is not a decision that anyone could take lightly. I have consulted with many, many colleagues, many Australians, many of our supporters in every walk of life," Mr Turnbull said.

"This course of action has been urged on me by many people over a long period of time. "It is clear enough that the Government is not successful in providing the economic leadership that we need. It is not the fault of individual ministers.

"Ultimately, [Tony Abbott] has not been capable of providing the economic leadership our nation needs. He has not been capable of providing the economic confidence that business needs."

Source: Radio Australia