Malcolm Turnbull has defeated Prime Minister Tony Abbott in a party room vote and is now leader of the Liberal Party .
Turnbull defeated Abbott 54 to 44 votes, with one informal vote.
Foreign Minister Julie Bishop remains deputy leader defeating Defence Minister Kevin Andrews, 70 votes to 30.
Mr Turnbull will become Australia’s 29th prime minister once he is sworn in by the governor-general, most likely on Tuesday.
Tonight’s events mean Tony Abbott will be the shortest serving prime minister since Harold Holt who served just under two years.
Turnbull announced this afternoon that he would be contesting the leadership of the party because the prime minister was incapable of ‘providing the economic leadership the country needs’.
“The prime ministership of this country is not a prize or a plaything to be demanded,” Mr Abbott told reporters at Parliament House on Monday evening, two hours after Mr Turnbull advised him of the challenge and his decision to quit cabinet.
“I am dismayed by the destabilisation that’s been taking place now for many, many months and I do say to my fellow Liberals that the destabilisation just has to stop,” he said.
“I firmly believe that our party is better than this, that our government is better than this and, by God, that our country is so much better than this.”
Mr Abbott said since coming to government, his team has stopped the boats, improved the budget, cut taxes and increased jobs.
“We have laid the foundation for a better deal for families and for small business,” he said.
“You can trust me to deliver a stronger economy and a safer community.”
Source: Sky News