BREAKING | Scott Morrison Is Our New Prime Minister

Australia, we have a new Prime Minister. 

Scott Morrison is Australia's next prime minister after defeating Peter Dutton in the race to replace Malcolm Turnbull.

The deputy leader of the Liberal party will be Josh Frydenberg, replacing Julie Bishop.

Mr Turnbull quit the job after he called for a spill of leadership positions in a Liberal partyroom meeting on Friday.

Mr Dutton, Mr Morrison and Ms Bishop contested a three-way contest to replace him, with Ms Bishop eliminated first after getting the lowest vote.

Mr Morrison defeated Mr Dutton in the next round by five votes, 45 to 40.

Mr Frydenberg received an "absolute majority", chief government whip Nola Marino told reporters after the 40 minute meeting.

No speeches were made by the candidates.

The original spill motion was carried 45 votes to 40, meaning almost half the partyroom wanted Mr Turnbull to stay in power.

It is unclear whether Mr Turnbull will retire from parliament immediately or stay on until the next general election.

An immediate retirement would trigger a by-election in the NSW seat of Wentworth.

The meeting had been expected to start at midday but was delayed while the 43 signatures on a petition calling for the meeting were verified.

Catch up on today's headlines and download the Triple M app here: iOS | Android