Julie Bishop on Today.

And as Australians woke to a new prime minister — our fifth in as many years — following yet another dramatic night in Canberra, talk quickly turned to retribution.

Liberal MP Steve Ciobo admits some elements within the Liberal party might be out for revenge on Malcolm Turnbull and ousted prime minister’s former “loyal deputy” Julie Bishop

“Look, that’s a possibility. I’m not gonna pretend that it’s not,” he told ABC’s Lateline.

“I’m not going to argue ... that these things are unseemly. Of course they are. And in an ideal world, this wouldn’t happen.”

The fallout from Tony Abbott’s demise will be broad and brutal. But who exactly will fall victim to it?

JOE HOCKEY WILL GO

Treasurer Joe Hockey is expected to lose his job today after Mr Turnbull, in declaring his run for the Liberal leadership, appeared to lay the blame at his feet, saying the government had failed to effectively prosecute it’s economic policies.

“We need a style of leadership that … explains the challenges and how to seize the opportunities,” Mr Turnbull said, pointing out it was “not the fault of individual ministers”.

“A style of leadership that respects the people’s intelligence, that explains these complex issues and sets out the course of action we believe we should take and makes a case for it. We need advocacy, not slogans.”

The statement drew fire from Mr Hockey.

“The disloyalty of some has been outrageous,” he told a press conference before the vote.

“Mr Turnbull made a number of claims about economic leadership that are completely unfounded.

“He has never said to me or to the Cabinet that we are heading in the wrong economic direction.

“The position of prime minister is a gift of you the Australian people. You have the right to hire and only you have the right to fire.”

Speculation has been rife in recent weeks that Mr Hockey would be dumped as Treasurer but few would have suspected it would be a consequence of Mr Abbott losing the prime ministership.

Abbott and Hockey have been joined at the hip since the coalition came to power in 2013, through the tough times of Hockey’s first budget and a series of political distractions that have dogged two years of government.

Prime Minister designate Malcolm Turnbull and his deputy Julie Bishop are all smiles following their leadership ballot win.Source:News Corp Australia

CABINET RESHUFFLE LOOMS

Under the upcoming reshuffle, Ms Bishop will stay on as foreign minister. Education Minister Christopher Pyne is tipped to take over Defence, while current Social Services Minister Scott Morrison is predicted to replace Mr Hockey as Treasurer.

Mr Abbott is yet to comment publicly since his defeat and could make a statement later today.

“I think it’s a very sad day, quite frankly,” Abbott supporter and right wing Senator Cory Bernardi said of the ousting.

However, the Australian Chamber of Commerce and Industry has urged the nation to unite behind the millionaire former banker and NSW MP as he sets course on his promise to improve the economy and boost business confidence.

Mr Ciobo admitted there would be wounds to heal.

“Look, these things of course always take some time. I mean, there were some ongoing issues and there still is on the Labor Party side today, for example.

“You know, Joe Hockey is a close friend of mine. He did a very good job as Treasurer. But it would also be remiss to not recognise that there were elements within the party room that felt that in terms of the leadership group, that there needed to be change.”

Joe Hockey didn’t hold back when he declared his loyalty to Tony Abbott.Source:News Corp Australia

WILL JULIE BISHOP COP A BACKLASH?

Julie Bishop has defended her decision to turn on her former boss Tony Abbott.

“I did what a deputy (leader) has to do and that is to reflect the views of the party,” Ms Bishop told Today this morning.

“Tony asked for six months to turn it around and unfortunately that hadn’t happened.

“It became obvious to me that the majority of the party had lost confidence in Tony (and) I informed him as is my duty as deputy.”

Asked how Mr Abbott had taken the news, the normally stoic Ms Bishop struggled to contain her emotions.

“He was calm, he was obviously very hurt. I feel for Tony, I feel for (his wife) Margie and his daughters, and I know what stresses and strains the leadership were under.

“I think there were tears shed,” she said, her voice breaking.

“I’m not enjoying this.

“It’s not easy being the deputy of the party.”

Asked by Today host Karl Stefanovic if she had “blood on her hands” as former Labor PM Julia Gillard was once accused, Ms Bishop said she was “aware of the parallels.”

But she said the difference was at the last leadership ballot in February, Mr Abbott asked for six months to improve the government’s fortunes but had been unable to manage it.

“Through that time, nobody wanted Tony to succeed more than I (but) the vast majority of the party room had lost confidence in him.”

Julie Bishop on Today.Source:Supplied

THE FALLOUT FOR LABOR

This is bad news for Bill Shorten. The man Labor fears most just became Prime Minister.

Last night the conga line of Tony Abbott backers speaking to the media prior to the vote included a surprising figure: Shorten himself.

“With Malcolm it will always be about Malcolm,” he said.

“Australians rejected Malcolm when he was Opposition Leader because he was out of touch, and he was arrogant.”

What he was doing there baffled many at the time. Usually this press room, not far from the PM’s office, is off limits to mere Opposition Leaders. Why he was boosting the chances of Tony Abbott is much clearer to others.

Said former Queensland Labor Premier Peter Beattie: “If Bill Shorten had a vote in the Liberal Party party room he’d be voting for Tony Abbott,” the suggestion being Labor wanted Mr Abbott because he would be a pushover at the next election.

It wasn’t just the Opposition Leader. Labor’s Twitter account told 95,000 followers Mr Turnbull supported “$100,000 degrees, the GP tax and cuts to family payments”.

“Nothing will change,” blared the tweet.

The fears are well founded, as Tony Abbott was unpopular from the get-go with more than 60 per cent of voters telling pollsters they were dissatisfied with his performance. Malcolm Turnbull has always been more popular.

Further, Mr Turnbull has boasted he has won his eastern Sydney seat of Wentworth by convincing ALP supporters as well as Liberals to vote for him. He is proud of getting the tick of people who otherwise would not vote Liberal.

If he can do that nationally Bill Shorten will be in trouble, and it seems Labor knows it.