Malcolm Turnbull defeats Tony Abbott in Liberal leadership spill to become prime minister
Mr Turnbull promised a "thoroughly Liberal" government and new economic vision committed to freedom, the individual and the market.
Malcolm Turnbull will become Australia's 29th prime minister after beating Tony Abbott in a dramatic leadership ballot in Canberra on Monday night.
Declaring himself "humbled," by the victory, Mr Turnbull said he would serve out the Coalition's remaining year in office before calling an election, promised a new economic vision and thanked Mr Abbott for his service.
"The burden of leadership is a very heavy one," Mr Turnbull said, and praised the free trade agreements and success in stopping the boats as "very formidable" achievements of Mr Abbott's government.
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