Business community backs Turnbull as new PM

The business community has backed Prime minister designate Malcolm Turnbull after he ousted Tony Abbott in a Liberal party ballot by 10 votes.

The Australian Chamber of Commerce and Industry today urged the nation to unite behind the millionaire former banker and NSW MP as he sets course on his promise to improve the economy and boost business confidence.

ACCI head Kate Carnell said in a statement Mr Turnbull has a track record in business and they’re looking forward to that informing his approach as prime minister.


Mr Turnbull, who defeated Mr Abbott 54 votes to 44, will be sworn in as prime minister this morning ahead of federal parliament sitting as usual around noon.

There is expected to be a major shakeup of cabinet when Mr Turnbull officially takes the reigns.

Under the upcoming reshuffle, Julia Bishop, who was elected Deupty Liberal Leader over Kevin Andrews, will stay on as foreign minister.

Education Minister Christopher Pyne is tipped to take over Defence, while current Social Services Minister Scott Morrison is predicted to move to Treasury, amid widespread expectations Joe Hockey will depart as treasurer.

Mr Abbott is yet to comment publicly since his defeat and could make a statement on Tuesday.

Mr Turnbull faces his first question time as leader at 2pm, after gathering with the ministry.