SYDNEY: Multi-millionaire former banker Malcolm Turnbull was sworn in Tuesday as Australia's fourth prime minister in just over two years, promising to create a dynamic new economy and end the divisive approach of his predecessor.
Turnbull, unlike the ousted Tony Abbott, is a moderate on social issues who supports gay marriage and making Australia a republic -- positions at odds with some members of his conservative Liberal Party.
"We are living in the most exciting times to be an Australian," Turnbull told legislators, less than a day after toppling Abbott 54-44 in a dramatic party vote.
"An Australia which succeeds in remaining a high-wage, generous social-welfare-net economy, which should be our goal, must be agile, must be dynamic, it must be looking to the future... and that requires confidence and leadership."
The economy is slowing as a decades-long mining boom fades.
Abbott's ousting late Monday further enshrined a recent Australian tradition of swiftly remove ailing prime ministers.
He slammed the frequent leadership changes as a "revolving door" not good for the country.
Turnbull, a suave ex-barrister and journalist, has vowed repeatedly to run a government based on collaboration, in contrast to Abbott's divisive personalised rule marked by frequent gaffes.
"Cabinet government is a collective method of making decisions," the 60-year-old told MPs. "I will lead a traditional cabinet government."
Abbott lashed out at the savage nature of modern politics after his sudden toppling by his long-time Liberal Party colleague and rival -- who served as communications minister before making Monday's challenge.
"The nature of politics has changed in the past decade. We have more polls and more commentary than ever before, mostly sour, bitter character assassination," he told a farewell press conference.
Abbott won the general election in September 2013 but his first budget, laced with harsh cuts to public services, proved highly unpopular.
The 57-year-old faced a leadership challenge in February after poor polling and a series of gaffes ignited a backbench revolt, but survived.
But he failed to turn around the polls, bolster the economy or stop damaging internal leaks, and lost party support.
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