Malcolm Turnbull has ousted Tony Abbott as leader of the Liberal Party and will become the 29th Prime Minister of Australia.
A party room ballot held in Canberra overnight ended with 54 votes in favour of Mr Turnbull and just 44 in support of Mr Abbott.
Julie Bishop was re-elected deputy leader defeating Kevin Andrews 70 to 30.
According to 9 News reports, Mr Turnbull approached Mr Abbott after question time yesterday afternoon requesting a leadership ballot.
In a press conference held shortly after the party room ballot, Mr Turnbull thanked Tony Abbott for his leadership and went on to explain that the burden of leadership is heavy.
He told those gathered at the press conference that under his leadership, Australia will see “a thoroughly liberal government committed to freedom, the individual and the market,”
“It’ll be focused on ensuring that in the years ahead as the world becomes more and more competitive and greater opportunities arise we are able to take advantage of that the Australia of the future has to be a nation that is agile that is innovative that is creative,” says Turnbull.