Scott Morrison confirms deputy Josh Frydenberg will become Treasurer

Incoming Treasurer Josh Frydenberg emerged a winner from the implosion of Malcolm Turnbull’s prime ministership, riding a conservative assault of the energy policy he championed to become deputy Liberal leader.

The former energy and environment minister was overwhelmingly elected to replace Julie Bishop as deputy in the dramatic party room meeting, becoming the most senior Victorian Liberal since Peter Costello.

The 47-year-old beat Health Minister Greg Hunt and Trade Minister Steve Ciobo for the number two position.

Mr Morrison said the new leadership team represented continuity for the party, while giving the government much-needed generational change.

Read the article by Tom McIlroy in The Australian Financial Review.