Prime Minister, Malcolm Turnbull announced “this has been a very important, sobering experience I am very humbled by the great honour and responsibility given to me today”.

Speaking to the public, Mr Turnbull sets out his vision for his Liberal leadership. 

“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, describes the way in which  we can handle those challenges, seize those opportunities and does so in a manner the Australian people can understand so that we are seeking to persuade rather than seeking to lecture.”

Assuring that this will be a thoroughly liberal government committed to freedom, the individual and the market, Mr Turnbull said Australians need to be ready for when the world becomes more competitive and opportunities aries so we are prepared to take advantage.

“The Australia of the future has to be a nation that is agile, innovative and creative.

“We cannot be defensive.  We cannot future-proof ourselves. We have to recognise that the disruption that we see driven by technology and the volatility in change is our friend if we are agile and smart enough to take advantage of it.

“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.

“We will ensure that all  Australians understand that their government recognise the opportunities of the future and is putting in place the policies and plans to enable them to take advantage of it,” pledged Mr Turnbull.

Mr Abbott announced his departure as prime minister pledging that ‘today is to make this change as easy as I can. There will be no wrecking, no undermining and no sniping.

“I’ve never leaked or backgrounded against anyone and I certainly won’t start now.  Our country deserves better than that I want our government and our country to succeed I always have and always will.

“I want to thank the Australian people for giving me the honour to serve. Yes this is a tough day but when you join the game you accept the rules,” said Abbott.

Asked where Abbott’s prime ministership fell down, Bishop told Sky News: “Clearly much of it came down to management of issues, the role of his office, the relationship with various members of the cabinet and the backbench and I informed him of this.

Bishop said it was a “very emotional” and “very difficult” time for all in the Liberal Party but promised there would be changes in the Turnbull government’s style, focus and policies.

“The Australian people will be informed as we go along as to those changes. I believe Malcolm will be very open and very accessible and he will also be very inclusive,” she said.