Peter Dutton has been elected unopposed as leader of the Liberal Party, while David Littleproud has ousted Barnaby Joyce to lead the Nationals.
The leaders take the helm as the Coalition enters opposition for the first time since 2013 and reeling from an election bloodbath that saw several senior Liberal MPs swept from previously safe seats.
Dutton succeeds former prime minister Scott Morrison, with Sussan Ley elected – also unopposed – as the new deputy Liberal leader.
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Dutton was not expected to face any challengers, with his main potential opponent, former treasurer Josh Frydenberg, losing his seat of Kooyong in the May 21 election.
"We live in the best country in the world," he said after winning the contest.
"I want our country to support aspiration and reward hard work, take proper care of those Australians who – short term or long-term – can't take care of themselves.
"We have a rich and proud Indigenous heritage and a migrant story the envy of the world."
Dutton promised to keep the country safe, the economy strong, and that the Coalition won't be "Labor light".
He said he "made a mistake" in boycotting the apology to Indigenous Australians in 2008.
"That was because of my own background and experience," he said.
"Many of you have lived out in regional areas and many of you haven't. I worked in Townsville.
"I remember going to many domestic violence instances, particularly involving Indigenous communities, and for me at the time, I believed that the apology should be given when the problems were resolved and the problems are not resolved.
"There are little boys and girls in parts of our country in 2022, in this year, that slept in a shipping container last night to get through the hours of darkness in Indigenous communities and it's completely unacceptable."
Dutton held ministries in the Howard, Abbott, Turnbull and Morrison governments.
"My greatest honour was to represent the men and women of the Australian Defence Force," he said of his recent stint as defence minister.
"My parents worked hard for every dollar and we weren't financially well-off. I started part-time work in a butcher shop after school until I started university.
"I saved and bought a house at 19 and built a business from nothing to ultimately employ 40 people.
"I was a police officer for 10 years and I have dedicated my working life to public service and I'm passionate about the protection of children and women, particularly the protection against sexual assault and harassment."
Dutton was also asked about why he didn't intervene in the case of a Tamil family from Biloela as he spoke about his time as immigration minister.
One of Labor's first acts in office was to allow the Murugappan family to return to their Queensland home after years in detention and legal limbo.
"There are hundreds of cases I acted on grounds of compassion in relation to migration policies. The minister of immigration is one of the most difficult jobs in the government," he said.
"I have no gripe against the family. No gripe against the family and as I said, I acted compassionately in hundreds of cases which were not in the media."
Liberal Party will 'listen to women'
Ley said the party would listen to the concerns of women after the election loss.
"I do acknowledge that women did not support us who may have supported us previously," she said.
"There were many women, including in my electorate, who were generally happy with the government's performance.
"We heard the notes of disappointment among the notes of endorsement.
"We are listening and we are ready to meet you and discuss the issues that matter."
Morrison offered his congratulations to both new leaders, saying they were an "incredibly experienced, well-versed" team.
"I think they'll do an incredible job," he said.
Dutton thanked Morrison and his family "for the enormous contribution they've made not just to our country but the Liberal Party".
Littleproud's 'proudest day'
Littleproud won the top job from Joyce in a three-way contest today, with Victorian MP Darren Chester also contesting the leadership.
Littleproud says he will draw on the experience of former deputy prime ministers Joyce and Michael McCormack as leader.
"The legacy that both Barnaby and Michael have left is one that indelibly can be seen every day in regional and rural Australia and for that, they should be profoundly proud of," he said.
"And one that I need to build on, and my team needs to build on as a National Party."
Perin Davey has been elected as the party's deputy leader and Bridget McKenzie will be the leader in the Senate.
Littleproud described them as "two bright, articulate powerful women" and says the party is "moving forward".
"The diversity of our room means we can draw not only on men but the strength of these women that bring the experience of the regions together," he said.
Joyce was optimistic he would keep the top Nationals job this morning.
When asked if he thought he has the numbers to retain the leadership, Joyce told 9News he was "very sanguine" about the vote and that "people in the room will make up their minds".
When asked who he thinks would be his best replacement, Joyce said: "I don't know. Jesus? Muhammad? That's a very good question."
Littleproud, a former agribusiness banker, has been the MP for the Queensland seat of Maranoa since 2016.
He served in the Turnbull and Morrison governments as Minister for Agriculture, as well as Minister for Water Resources and Minister for Northern Australia.
The 45-year-old has entered leadership speculation for the Nationals in the past, rising to the deputy position in 2020.
He recorded a tiny 0.3 per cent swing against him in Maranoa on May 21, but nonetheless comfortably won his race, with 72.2 per cent of the two-party preferred vote.
Littleproud is considered to be more amenable to climate policy than many of his colleagues, and while in government worked to save the Murray Darling Basin Plan and improve federal biodiversity stewardship.
"We are moving forward on climate. We made that commitment and the Australian economy is moving forward on that," he said today.
He vowed to "bring common sense to Canberra" and put regional Australians and farmers at the centre of the conversation.
"My job is to protect regional and rural Australia," he said.
"I don't think regional and rural Australia are against reducing emissions.
"We should get back to first principles, and that's about reducing emissions."
He voted against legalising same-sex marriage in 2017, but stated his vote would be determined by the majority view of his electorate.
Maranoa voters sided against marriage equality with a 56.1 per cent majority.
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Labor gets on with the job of governing
The new government says it's getting on with the job of inspecting the nation's balance sheets, having inherited $1 trillion of debt.
Finance Minister Katy Gallagher is foreshadowing spending cuts but says Labor's budget will still have a "cost of living" lens applied, as prices surge.
"We need an honest conversation about this," she said.
"We can't pretend they're not coming, and we can't pretend the budget is in good shape and able to absorb this."
Prime Minister Anthony Albanese is set to present his full ministry and cabinet later this week.
