At 9.15pm tonight, parliament met to discuss the fate of the liberal party.
Earlier today, Malcolm Turnbull had announced his resignation from the cabinet in a move to tackle the Prime Minister out of office.
At 9.50pm, Chief Government Whip Scott Buchholz said Mr Turnbull had won the vote 54-44 to become Austarlia’s 29th Prime Minister.
In an informal vote, Julie Bishop was reelected as deputy Liberal leader, beating Kevin Andrews for the position 70-30.
“Tonight there were two ballots conducted; one ballot for leader, one ballot for deputy leader,” Mr Buchholz said.
“Malcolm Turnbull was successful on 54, Tony Abbott on 44 and one was informal.”
Turnbull will now go on to complete the Liberal term with a reshuffling expected to be announced first thing tomorrow morning.
As Mr Abbott has lost his position in parliament, no prime minister has seen a full term since John Howard.