Australia’s Prime Minister, Tony Abbott on Monday lost in a party leadership ballot to Mr Malcolm Turnbull, who is now the Prime Minister-elect.

In the dramatic late night ballot, Mr Abbott, who had been plagued by poor opinion polls, received 44 votes to Mr Turnbull’s 54.

Mr Turnbull said he assumed that parliament would serve its full term, implying no snap general election.

The new leader will be Australia’s fourth Prime Minister since 2013.

“Formidable Achievements”

The Prime Minister-elect is expected to be sworn in after Mr Abbott writes to Australia’s governor general and resigns.

Earlier on Monday Mr Abbott had dismissed rumours of a leadership challenge as “Canberra gossip” – only to be voted out by his fellow Liberal MPs.

They also voted for Foreign Minister Julie Bishop to remain deputy leader of the party.

Speaking after the result was announced, Mr Turnbull praised his predecessor for his “formidable achievements” as prime minister.

The new party leader said Australia needed to have “the economic vision, a leadership, that explains the great challenges and opportunities we face”.

“This will be a thoroughly liberal government committed to freedom, the individual and the market. It will be focused on insuring that in the years ahead, as the world becomes more and more competitive and greater opportunities arise, we are able to take advantage of that.

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

“There has never been a more exciting time to be alive than today,” he said.