Scott Morrison is the new Prime Minister of Australia
Key points:
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The petition for a party room meeting of the Liberal Party got 43 signatures, so Turnbull allowed the meeting to be called.
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The party room voted 45:40 to spill the leadership.
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Three candidates nominated: Peter Dutton, Scott Morrison, Julie Bishop.
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Bishop was eliminated in the first round of voting.
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Morrison won the second round of voting against Dutton, 45:40.
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As the leader of the Liberal Party, Morrison becomes the new Prime Minister... probably. It now depends on whether their coalition partners, the National Party, support the new Liberal leader (but they probably will: the alternative is to lose government).
EDIT1: And Josh Frydenburg is the deputy leader of the Liberal Party. That does not make him the Deputy Prime Minister: that role goes to the leader of the National Party whenever the Coalition is in government.
EDIT2: The news: http://mobile.abc.net.au/news/2018-08-24/scott-morrison-wins-leaderal-leadership/10160168
Follow live here: http://www.abc.net.au/news/2018-08-24/live-turnbull-leadership-challenge-looms/10159462
Some background on Scott Morrison: http://www.abc.net.au/news/2018-08-24/scott-morrisons-rise-to-prime-minister-of-australia/10160458
This is very concerning for the Australian people.
Here's a few key facts about Scott Morrison
However Morrison is supposedly less religiously conservative than Tony Abbott though, which is at least a plus.
Introducing ScoMo, your conservative-lite option! All the goodness of conservative values without the pesky religious dogmatism.
Morrison is still far better than Dutton would have been, he'll be focusing on less-ideological issues (such as the drought) to make himself look competent in the short-term, and if Turnbull's resignation happens soon then it's likely that they won't be able to pass any significant legislation before the next election anyway. And regardless, the chance of the Liberal Party winning the next election is barely north of 0%.
My wife's an Aussie, so she's been telling me all about this. She's not impressed with Morrison, and was rooting for Julie Bishop.
Bishop would have been a good choice for the Liberal Party. She has a high profile, as our Foreign Minister. She's been the loyal deputy of every leader for the past decade, conservative and moderate alike. She's respected (if not actually liked) by a significant portion of the Australian electorate, even people who don't vote for the Liberals. She would have been a good compromise candidate who might have even been able to build a bridge between the two factions.
Alas, it was not to be.
Bishop is an incredibly competent politician whatever you think of her positions and past actions. Losing her position as Deputy is definitely a blow to her, but certainly not a career-ending disaster. Especially in the likely case where Labor wins the next election, it may turn out that there's another spill before 2022 which in turn could well see her in the resurgent.