Former PM Malcolm Turnbull resigns from Australian parliament

FILE Former Australian Prime Minister Malcolm Turnbull

FILE Former Australian Prime Minister Malcolm Turnbull

Turnbull was ousted as Liberal party leader, and thus as prime minister, one week ago following a rebellion led by one of his senior ministers and a week of rumours, threats and backstabbing.

Malcolm Turnbull has formally resigned his seat, as his successor Scott Morrison paid tribute to him as a prime minister who delivered some "very big things".

In a truly spectacular up-yours to his dad's old Liberal colleagues, it has been revealed this weekend that Malcolm Turnbull's son Alex is soliciting donations in his old seat of Wentworth - for the Labor Party.

Turnbull, who first entered parliament in 2004, on Friday confirmed his resignation from the New South Wales seat of Wentworth in writing to Speaker Tony Smith. "As a prime minister, he'll be well remembered I believe over time", Morrison told reporters in Jakarta.

The by-election in Mr Turnbull's wealthy Sydney electorate could be held as early as October 6.

Raghuram Rajan behind India's declining growth, says Niti Aayog VC Rajiv Kumar
The growth was declining because of the rising NPA, the non-performing assets in the banking sector. The current government ramped up the public capital expenditure for the very reason", he said.

Morrison, the former treasurer under Turnbull who assumed office on Aug 24, highlighted a hydroelectric project and the plan to construct a second airport in Sydney as major achievements of his predecessor's government, but did not mention the legalization of same-sex marriages - which Morrison had opposed - during Turnbull's tenure.

"You deserve that, mate, you absolutely deserve that. You've served our country well, and on behalf of our country as prime minister, I just want to say thanks".

While Mr Turnbull's resignation has prompted several high profile names to push for Liberal pre-selection, AAP understands his close friend and former Business Council of Australia executive director Andrew Bragg is shaping as favourite.

Labor have announced that they will challenge for the seat, endorsing businessman and Tamarama Surf Life Saving Club president Tim Murray for the Labor ticket.

Independent Kerryn Phelps, another City of Sydney councillor, is also considering a tilt.

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