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 announced that he will take on Tony Abbott and launch a challenge for the prime ministership.

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

Addressing a press conference in Canberra this afternoon, Mr Turnbull said it had become clear Mr Abbott was not “capable” of the “economic leadership” needed to run the country.

He said the Liberal Party had lost the last 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.”

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 Malcolm Turnbull wins a challenge against Tony 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. He said he had asked Mr Abbott to arrange a meeting in the party room for a ballot to be held.

Mr Turnbull has resigned as Communications Minister.

Mr Abbott is expected to hold a press conference this afternoon.