3rd LD Writethru: Australian PM answers challenge with ballot to be cast Monday night

Two hours after Communications Minister Malcolm Turnbull stood up to challenge the ruling Liberal Party's leadership, Australian Prime Minister Tony Abbott answered with the arrangement of a party ballot Monday night.

"The prime ministership of this country is not a prize or a plaything to be demanded," Abbott told a press conference at the parliament.

"I am dismayed by the destabilization that's been taking place now for many, many months and I do say to my fellow Liberals that the destabilization just has to stop," he said.

"I firmly believe that our party is better than this, that our government is better than this and, by God, that our country is so much better than this."

Abbott said since coming to government, his team has stopped the boats, improved the budget, cut taxes and increased jobs.

"We have laid the foundation for a better deal for families and for small business," he said. "You can trust me to deliver a stronger economy and a safer community."

He said the country needed a strong and stable government, which meant avoiding at all cost Labor Party's revolving-door prime ministership, referring to the topple of Labor Prime Minister Kevin Rudd by his deputy Julie Gillard in 2010 and Gillard's being toppled by Rudd in 2013.

Turnbull, a former Liberal opposition leader, launched the surprise leadership challenge against Abbott Monday afternoon.

He said he was resigning from his position as communications minister to challenge the prime minister for the Liberal Party leadership, informing Abbott after Question Time at the parliament.

Turnbull told the press that Australians had "made up their minds" about Abbott's leadership.

He said he had consulted with colleagues before deciding that he would be challenging the prime minister for the position, a sign he was confident of winning a leadership vote.

"I met with the prime minister and advised him that I would be challenging him for the leadership of the Liberal party," Turnbull said. "I have also resigned as communications minister."

"This is not a decision that anyone could take lightly. I have consulted with many, many colleagues, many Australians and many of our supporters in every walk of life. This course of action has been urged on me."

Turnbull said Abbott had failed in his quest to economic governance, calling into question the premier's style of leadership.

"Ultimately the prime minister has not been capable of providing the economic leadership this nation needs. He has not been capable of providing the economic confidence that business needs," Turnbull said.

Turnbull also cited the opposition's growing popularity as another reason for the challenge, saying that under Abbott, the Liberal party would be thrown out of government and replaced with a "reckless" Labor government.

Turnbull said if the Liberal party was to be reelected when voters go to the polls next year, the government had to change for the better.

"The fact is, we are maybe 10 months, 11 months away from next election. Every month lost is a month of lost opportunities," Turnbull told the media.

"We need an open government. We have to make a change for the country's sake, the government's sake and the party's sake."

Earlier on Monday, it was reported that senior cabinet member and Foreign Minister Julie Bishop visited Abbott before Question Time to inform him he had lost confidence of the party.

Following Question Time, Turnbull approached the prime minister to indicate he would be challenging his leadership.

Turnbull has requested a leadership ballot be contested to determine who would continue as the party's leader. Endi