The Australian Liberal party has a new leader with Tony Abbott ousting Malcolm Turnball in a ballot this morning by one vote.

Mr Abbott won the final ballot 42-41 to take control of the Australian opposition party.

Treasury spokesman Joe Hockey also had a crack at the leadership but was eliminated in the first round of voting.

Party arguments over support of the Australian Emissions Trading Scheme sparked the shock result with Mr Abbott vowing the Liberal Party would try to force the legislation back to the committee stage.