Tony Abbott elected leader of the Liberal Party

Tony Abbott has been elected leader of the Liberal Party after beating Malcolm Turnbull by one vote in a party-room vote.

Abbot, who will continue with Julie Bishop as his deputy, has immediately called on the Government to delay the vote on its emission trading scheme.

Abbott says the Liberal Party will try to force the legislation to be scrutinised by a Senate inquiry. If this is unsuccessful, the Liberals will vote against the legislation.

“This ETS does deserve the most rigorous scrutiny. This is a $120 billion tax on the Australian public that is just for starters. We can’t just waive that through the Parliament,” Abbot said this morning.

“That is the right thing to do. As an Opposition, our job is to hold the Government rigorously to account. Oppositions are not there to get legislation through.”

But the decision to vote down the ETS legislation would allow Prime Minster Kevin Rudd to call a double dissolution, with all seats in both houses of Parliament up for grabs.

While the Coalition would be a huge underdog in the case of a double dissolution election, Abbott is not concerned.

“I am not frightened of an election and I am not frightened of an election on this issue. This is a great big tax to create a great big slush fund to provide great big handouts through a politicised bureaucracy.”

Abbott won in two rounds. In the first round, Abbott won 35 votes, Turnbull won 26 votes and Joe Hockey was eliminated with 23 votes.

In the final vote, Abbot beat Turnbull 42 votes to 41.

A disappointed Turnbull said he will not resign from Parliament, but will consider whether or not he will stand again at the next election.

Turnbull says he will not offer himself for a position on Abbott’s new front bench and will serve his time out on the backbench.

Turnbull again hit out at the Liberal party’s decision to vote against the ETS.

“I’ve always demonstrated that I have the courage of my convictions.”

“A major political party must have a credible stance on climate change… that legislation in my view is worthy of my support.”

“There’s no question that the amendments we achieved would have saved tens of thousands of jobs. The rejection of the bill puts $200 billion of investment at risk.”

While Abbott paid tribute to Turnbull, he also subtly criticised his leadership style, saying: “Political parties don’t work when leaders just announce what they are doing and expect others to follow.”

He also said a Coalition government would consider rolling back some of the Rudd Government’s industrial relations reforms.

“The phrase Work Choices is dead, but we do have to have a free and flexible economy and let’s not forget that under the former government we had the fastest jobs growth in history. The former government did go too far and we’ve recognised that.”

“Kevin Rudd is taking us back to the 1970s and that’s not going to happen under us. “