Malcolm Turnbull, a multi-millionaire lawyer and former tech entrepreneur, wins a secret party vote to become Australia's new Prime Minister, deposing his longtime rival Tony Abbott. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) STORY: Australia got its fifth prime minister in eight years after the ruling Liberal Party voted out Tony Abbott on Monday in favor of his longtime rival Malcolm Turnbull, following months of infighting and crumbling voter support. Turnbull, a multi-millionaire former tech entrepreneur, won a secret party vote by 54 to 44, Liberal Party chief whip Scott Buchholz told reporters after the meeting in Canberra. "This will be a thoroughly Liberal government. It will be a thoroughly Liberal government committed to freedom, the individual and the market," Turnbull told the media during a brief news conference. Foreign Minister Julie Bishop was elected deputy leader of the party which, with junior coalition partner the National Party, won a landslide election in 2013. Abbott had pledged to fight the challenge but was ultimately unsuccessful in overcoming the "destabilisation" that he said had been taking place within the party over months. He walked stony faced out of the party room following the vote and did not speak to reporters. The challenge came as Australia's $1.5 trillion economy struggles to cope with the end of a once-in-a-century mining boom and just days before a by-election in Western Australia state widely seen as a test of Abbott's leadership. The change of leaders is the latest sign of political instability in Australia, which has in recent years been convulsed by backroom machinations and party coups that have shaken public and business confidence in government.