Australia ruling party chooses Scott Morrison as next PM

Scott Morrison, who has served as the country’s treasurer since 2015, represents the predominantly Anglo-Saxon electorate of Cook in Sydney’s south – a formerly blue-collar seaside suburban region now extensively gentrified.

Mr Turnbull’s leadership was vulnerable because his government was trailing in opinion polls.

Turnbull became the fourth prime minister dumped by his or her own party since 2010 in an extraordinary period of political instability that frustrates most Australians.

The decision this afternoon by deputy Liberal leader Ms Bishop – who has successfully bridged the moderate-conservative divide in the party – to canvass support could split off MPs who were considering backing Mr Dutton.

It was Senator Cormann who had led the Government’s company tax cut plan in the Senate and stood next to Mr Turnbull as the Prime Minister ditched the final elements of the policy this week. Morrison said the rest of his Cabinet would be sworn in next week. Given the government has a one-seat majority, his political retirement would trigger a special election in his Sydney district that could imperil the government.

“What we’re seeing in the forex markets reflects a crisis of confidence in the ability of Australia’s political class to deliver sensible economic outcomes that ensure our future prosperity”, said Stephen Miller, an adviser at Grant Samuel Funds Management and former head of fixed income at BlackRock Investment Management Australia.

With the majority of the party decisively choosing to avoid media outlets, in which they would be subject to public scrutiny, Minister for Social Services Dan Tehan appeared on the ABC’s 7:30 on Friday.

Public anger became apparent overnight with windows broken at the Brisbane office of Dutton, Turnbull’s main rival in his government.

Senator Seselja offered Mr Turnbull his resignation as assistant minister for science, jobs and innovation after backing Peter Dutton in Tuesday’s leadership spill, won 48-35 by Mr Turnbull.

Liberal candidate Trevor Ruthenberg attracted just 29.6 per cent of the primary vote, a devastating result.

“The only tip I’ve got is Sharks to beat Newcastle”, Morrison told reporters, referring to a weekend match, as he entered the room where his conservative Liberal Party colleagues elected him their leader in a secret ballot on Friday.

The challenge eventually came from lawmaker Peter Dutton, a polarising former police officer who forged a hard-line reputation enforcing tough immigration policies.

Turnbull was forced out after an internal power struggle within the Liberal Party.

“He can heal the wounds that threatened to fracture the coalition government and allow the government time to prepare for an election”, he said.

Turnbull this week sought to placate conservative anger by stripping requirements for reducing greenhouse emissions from his centerpiece energy policy but the influential right-wing government lawmakers remain opposed to the policy.

He’s the nation’s sixth Prime Minister in six years.