Scott Morrison has won a Liberal Party spill motion to become leader of the party and the next Prime Minister of Australia.

Morrison defeated challengers Peter Dutton and Julie Bishop in the spill motion. Bishop was eliminated in the first round of the motion, and Morrison eventually won with a margin of 45-40 against Dutton.

Josh Frydenberg will also become the deputy leader of the party after winning a spill motion against contenders Steve Ciobo and Greg Hunt. Frydenberg will take over from Bishop in the role, ending her decade-long tenure.

The party room spill motion concludes a week of intense drama within the Liberal Party, after Dutton first announced his intention to make a run for the top job.

Earlier, former PM Malcolm Turnbull voiced his intention to immediately resign from Parliament after the spill motion. 

Jesus Christ, folks. More to come.

Image: Lukas Coch / AAP Images