Malcolm Turnbull has met with the Prime Minister to request leadership ballot

BREAKING: Malcolm Turnbull has confirmed he will challenge Tony Abbott for the Liberal Party leadership.

MALCOLM Turnbull has savaged Tony Abbott’s leadership style, announcing that he will challenge him for the prime ministership.

In a stinging press conference in Canberra this afternoon, Mr Turnbull said Mr Abbott was not “capable” of the “economic leadership” needed to run the country.

He said the Liberal Party had lost the past 30 Newspolls in a row.

“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,” he said.

Mr Turnbull said he regretted making the decision before the Canning by-election on Saturday, adding there were few occasions that were ideal for “touch calls”.

The alternative was to wait and allow the government’s problems to “roll on and on and on” without clear air.

Mr Turnbull said it was clear the government had not been successful in providing the economic leadership that the nation needed.

“It is not the fault of individual ministers,” he said.

“Ultimately, the Prime Minister has not been capable of providing the economic leadership … he has not been capable of providing the economic confidence that business needs.”

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Communications Minister Malcolm Turnbull announces at a press conference that he will contest Tony Abbott’s prime ministership.

Mr Turnbull said there must be an end to policy on the run and captain’s calls.

The government needed to be truly consultative with colleagues, MPs and the wider public.

“We need an open government that recognises that there is an enormous sum of wisdom both within our colleagues in this building and, of course, further afield.”

Nationals Deputy Leader Barnaby Joyce has warned Liberal MPs the Coalition agreement would need to be renegotiated if Mr Turnbull wins a challenge against Mr Abbott.

There is no love lost between the junior Coalition partner and Mr Turnbull, going back to his time as opposition leader.

“The one thing they need to realise is they will have to renegotiate the Coalition agreement,” Mr Joyce told AAP.

Mr Turnbull didn’t make clear when a vote would occur, but there are reports it will be held tomorrow morning.

Mr Turnbull has resigned as Communications Minister.

Mr Abbott is yet to comment publicly on the leadership challenge, but he is expected to hold a press conference this afternoon.

Mr Turnbull says he will maintain Liberal policy to hold a plebiscite on same-sex marriage and he has vowed to stick with the party’s existing targets on climate change cuts.

Mr Turnbull met with Prime Minister Tony Abbott and Foreign Minister Julie Bishop this afternoon to explain his intentions.

It is understood that Ms Bishop first requested the spill. There is now speculation she could resign from cabinet, according to ABC Radio.

Tony Abbott and Malcolm Turnbull will face off in a Liberal leadership showdown.

‘WE NEED A DIFFERENT STYLE OF LEADERSHIP’

After keeping quiet about his leadership ambitions for the best part of a year, Mr Turnbull in a press conference this afternoon finally explained his reasons for taking on the PM.

“This is not a decision that anyone could take lightly,” he began.

“I have consulted with many, many colleagues, many Australians, many of our supporters, in every walk of life. And 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 in providing the economic leadership our nation needs. He has not been capable of providing the economic confidence that business needs … We need a style of leadership that … explains the challenges and how to seize the opportunities. A style of leadership that respects the people’s intelligence, that explains these complex issues and sets out the course of action we believe we should take and makes a case for it. We need advocacy, not slogans.”

Mr Turnbull said the public had “made up their minds about Mr Abbott’s leadership”.

“There must be an end of policy on the run and captain’s calls,” he said.

“John Howard’s government most of us served in and yet few would say that the cabinet government of Mr Abbott bears any similarity to the style of Mr Howard. So that’s what we need to go back to.

“We have to make a change for our country’s sake, for the government’s sake, for the party’s sake.”