Malcolm Turnbull Is Our New Prime Minister; Here's How It Went Down

Another day, another Prime Minister.

After a long-anticipated but still sudden spill in the Liberal party room last night - explained here - challenger Malcolm Turnbull emerged as leader and Prime Minister-designate.

Tony Abbott, the man who’d entered the room as Prime Minister, lost the leadership ballot with 44 votes to Turnbull’s 54.

Julie Bishop was elected deputy leader with 70 votes to Kevin Andrews’ 30; she retains the position she’s held since 2007.

Turnbull and Bishop fronted the media after the spill to thank Abbott for his service, as well as chart a course for the country’s future.

"We need to have in this country and we will have now, an economic vision, a leadership that explains the great challenges and opportunities that we face; [that] describes the way in which we can handle those challenges, seize those opportunities and does so in a manner that the Australian people understand,” Turnbull said.

"There has never been a more exciting time to be alive than today and there has never been a more exciting time to be an Australian.”

This will certainly be an eventful day in Canberra, with Abbott soon tendering his resignation to the Governor-General, Sir Peter Cosgrove, and Turnbull being sworn in as Prime Minister at Government House.

A reshuffle of the Cabinet is expected next week. (According to ABC News, Treasurer Joe Hockey will have his portfolio taken away; current Social Services Minister Scott Morrison is considered his most likely replacement.)

Tony Abbott is yet to face the press following his ousting. Perhaps he is taking solace in this confused tweet from noted Canberra insider wrestler Hulk Hogan.

Though he was four days short of securing a Prime Minister's pension, Abbott is still expected to receive an annual pension of $307,542 for his 21 years in Parliament.

Not a bad runner-up prize.