- Turnbull new Liberal leader- Nelson goes to backbench
- Rudd calls on Turnbull to support Republic
- Events that led to leadership spill
A confident Malcolm Turnbull has signalled a full frontal assault against Labor as he takes over the Liberal leadership, vowing the coalition can win the next election.
The member for Wentworth, who entered parliament in 2004, became opposition leader after winning a Liberal party room ballot 45-41 against incumbent Brendan Nelson.
After months of speculation over Dr Nelson's leadership, Mr Turnbull promised the Liberals going forward would be a "cohesive and united" team.
Last year he lost the ballot against Dr Nelson by 42 votes to 45.
A successful millionaire businessman before entering politics, Mr Turnbull said it was "humbling" to be elected to the party leadership.
He foreshadowed a Liberal party which would focus on traditional values, such as opportunity and enterprise, under his command.
"Ours is a great party, a party whose values are as important to the prosperity and security of Australia in the years to come as they have been in years gone by," he said.
"This is a land of opportunity. Australia and Australians can do anything.
"But we need to have confidence, we need to have leadership, we need to have the opportunity to do well."
Under his leadership, the Liberal party would strive to give Australians the tools to make the most of opportunities.
"We believe that government's role is to enable each and every Australian to do their best," he said.
"Labor believes government knows best. We are not so vain as Mr (Kevin) Rudd."
He will consult with colleagues over the make up of his new ministry but there will be one absentee - Dr Nelson, who will move to the backbench.
Mr Turnbull paid tribute to Dr Nelson, to whom he offered a frontbench role.
"Brendan has led the party through very difficult times ... he's done that very well and we owe him all a great debt of gratitude and I honour him today," he said.
Julie Bishop will remain Liberal deputy leader - her position was not challenged during the party room meeting.
Mr Turnbull indicated there would be no radical policy shifts as a result of the leadership change.
He committed the party to retaining the coalition policies on a five cent reduction in the fuel excise, as well as its plan to oppose a raft of government policies in the Senate, including changes to the Medicare levy surcharge threshold.
"We have not changed any of our positions in the Senate," he said.
Mr Turnbull pledged to hold the government to account on critical issues like climate change and an emissions trading scheme.
"We will hold Kevin Rudd to account on his climate change policies and we will go to the next election with (an informed) climate change policy," he said.
"Kevin Rudd is rushing in an emissions trading scheme for purely political grounds."
The opposition supported a "properly designed" emissions trading scheme introduced by 2012 at the latest, Mr Turnbull said.
"We have not changed that policy but we will be reviewing all of our policies in the light of our policy development work ... and in the light of political and other events," he said.
The former merchant banker and well-known republican went to great lengths to indicate his leadership of the party would be a team effort.
The new opposition leader has long been perceived as a bit of a lone-wolf and not a team player. He put many offside before the last leadership ballot by unilaterally promoting new policies without consulting the party.
Despite today's close 45-41 vote, Mr Turnbull said he was confident he had the support of the entire party.
"I believe that no individual has the sum total of human knowledge, Mr Rudd of course takes a different view, he's got a one-man government," he said.
"I've learnt over the years that you cannot achieve anything working by yourself, you can't achieve anything as a sole operator.
"I'm a great believer in communication and consultation."
Rudd calls on Turnbull to support Republic
Prime Minister Kevin Rudd has called on newly appointed Liberal leader Malcolm Turnbull to throw his support behind the push to make Australia a republic.
Mr Rudd said bipartisan support would be needed to create a republic and Mr Turnbull had been a longstanding advocate of the change.
"It's a great honour to be elected as a leader of one of Australia's large political parties and therefore I extend my congratulations to Mr Turnbull and his family," Mr Rudd told reporters.
"I also say to Mr Turnbull, I look forward to working with him on a bipartisan basis on as many national challenges as possible.
"One of those national challenges for the future of Australia will be our move towards a republic."
Mr Rudd said he would "look forward to working with him on a timetable" for introducing a republic.
"Mr Turnbull has long been a supporter of the republic, and we know for a fact that we are only going to achieve that sort of change in Australia on a bipartisan basis."
The events that lead to today's Liberal leadership spill:
November 24, 2007 - Coalition loses federal election, bringing to an end the 11-year reign of former prime minister John Howard, who fails to hold his own seat of Bennelong.
November 29, 2007 - Brendan Nelson and Malcolm Turnbull contest leadership ballot with Dr Nelson winning by just three votes. Former treasurer and Liberal deputy leader Peter Costello does not contest ballot.
June 28, 2008 - Coalition gets a boost after Nationals candidate Darren Chester scores a six per cent swing against Labor to retain Gippsland in by-election caused by resignation of Nationals MP Peter McGauran.
September 6, 2008 - Liberals narrowly hold on to seat of Mayo in by-election forced by resignation of Alexander Downer, while Nationals lose seat of Lyne after resignation of former leader Mark Vaile.
The poor showing by coalition candidates prompts further speculation about the future of Brendan Nelson as Liberal leader.
September 13, 2008 - Extracts of Peter Costello's long-awaited memoirs published, ending speculation that he might challenge Brendan Nelson for Liberal leadership.
September 15, 2008 - Brendan Nelson calls for leadership spill, saying he wants to draw a line in the sand over the issue.
September 16, 2008 - Malcolm Turnbull defeats Brendan Nelson in leadership ballot by four votes, ending Dr Nelson's 10-month reign.
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