Prime minister-designate MalcomTurnbull is finalising his new team in cabinet and is look set to replace several key ministerial roles including that of the treasurer and immigration minister.

Political analysts are predicting a greater female presence on the frontbench under Mr Turnbull, with possible promotions for Michaelia Cash, currently serving as assistant minister for immigration and border protection, and possibly Fiona Nash, assistant minister for health.

The futures of the likes of Immigration Minister Peter Dutton and Defence Minister Kevin Andrews, who ran against Julie Bishop for the deputy leadership during last night's spill, are less clear.

Recently, Mr Dutton made international news for insulting aboriginal people and making light of the potentially devastating effect of climate change on Australia’s Pacific neighbours. 

Last night, Malcolm Turnbull toppled Tony Abbot in a party ballot for Liberal leader by 54 votes to 44. Julie Bishop defeated Kevin Andrews 70 votes to 30 in ballot for deputy leader.

Mr Turnbull who will be sworn in today as Australia’s 29th Prime Minister, studied law at Sydney University, dabbled in journalism, and landed a Rhodes Scholarship to Oxford for further legal studies. He rose to prominence in 1980 as a barrister for beating the British Government when he won the right for author and MI5 spy Peter Wright to publish the book Spycatcher.

Mr Turnbull was elected to the Sydney eastern suburbs seat of Wentworth in 2004. He was elected as Liberal leader while in opposition in September 2008 but was ousted by Mr Abbott in December 2009.

Mr Abbott served as prime minister for almost two years, losing the leadership just four days shy of marking his second anniversary in office. His term in office is also now the 10th-shortest of any Australian prime minister and shorter than those of recent Labor leaders Kevin Rudd and Julia Gillard.

Last night, after winning the ballot, Mr Turnbull said he would run a "thoroughly Liberal government", flagging a strong focus on the economy.

"We need to have in this country, and we will have now, an economic vision, a leadership that explains the great challenges and opportunities that we face, that describes the way in which we can handle those challenges, seize those opportunities, and does so in a manner that the Australian people understand so that we are seeking to persuade rather than seeking to lecture," he said.