Tony Abbott, Australian prime minister, has been ousted after losing a surprise party ballot on Monday night. He was defeated by Malcolm Turnbull 54 to 44 votes, only two years after being elected.

Malcolm Turnbull

Malcolm Turnbull

Turnbull, a former journalist, lawyer and merchant banker will be sworn in as the 29th prime minister on Tuesday - Australia's fifth in five years. The 60-year-old is known for his moderate views, and is a supporter of same-sex marriage and strong action on global warming.

"I'm very humbled by the great honour and responsibility that has been given to me today," said Turnbull as he addressed the media for the first time as prime minister designate.

Turnbull ambushed Abbott, whose standing in opinion polls has been steadily declining, with a sudden request to "spill" the leadership, formally launching a challenge on Monday night and bringing long-simmering leadership tensions to a head.

"There's been a change of prime minister, but we are a very, very strong government, a very strong country with a great potential and we will realize that potential working very hard together," Turnbull told reporters in Canberra on Tuesday morning.