Malcolm Turnbull, former Liberal opposition leader and communications minister, has announced he is launching a
challenge to Tony Abbott's leadership during a packed press conference.
Here is his speech in full:
A little while ago, I met with the Prime Minister and advised him that I would be challenging him for the leadership of the Liberal Party, and I asked him to arrange or facilitate a meeting of the partyroom to enable a leadership ballot to be held.
Of course, I've also resigned as communications minister. Now this is not a decision that anyone could take lightly. I have consulted with many, many colleagues, many Australians, many of our supporters in every walk of life.
This course of action has been urged on me by many people over a long period of time. It is clear enough that the Government is not successful in providing the economic leadership that we need.
It is not the fault of individual ministers. Ultimately, the Prime Minister has not been capable of providing the economic leadership our nation needs. He has not been capable of providing the economic confidence that business needs.
Now, we are living as Australians in the most exciting time. The big economic changes that we're living through here and around the world offer enormous challenges and enormous opportunities and we need a different style of leadership.