After forty minutes behind closed doors, the party voted 48-34 in favour of a leadership spill, allowing for a majority-approved leader to be elected.

Ten minutes later, Abbott was announced as the third leader of the opposition since Rudd's Labor took office two years ago.

Hockey was widely tipped to take out the leadership, but finished last in the first round of voting.

That meant it was Abbott vs Turnbull, a battle which Abbott won 42-41.

One party member voted 'informal', while another was absent.

After his defeat, Turnbull told a press conference that he is "disappointed that there has been a pretty dramatic change in [climate change and emissions trading] policy".

He also confirmed that he would not be leaving politics as a result, but instead retreat to the backbench.