Angus Taylor concedes opposing Labor’s tax cuts was a mistake

Seeking to head-off the criticism on Friday, Taylor conceded the party had “got some big calls wrong” in the last term of government.

“It won't happen again,” he said.

“We will fight every bad tax, every reckless spending policy that drives up inflation and keeps interest rates higher for longer.”

Taylor said the incident had demonstrated the Liberals needed to be the party of lower income taxes, saying “we need to get serious about lower taxes”.

While not providing specific policies, Taylor pledged to make home ownership “once again the centrepiece of the Australian dream”.

Flagging immigration as a major battle line, Taylor warned the “door must be shut” on anyone who “doesn’t subscribe to our core beliefs”.

“If someone wants to import the hatred, and wants to import the violence, of another place to Australia, the door must be shut,” he said.

“Numbers have been too high, and standards have been too low.”

But Taylor stopped short of committing to releasing an updated immigration policy next week, which was delayed by Ley in the wake of the Bondi terror attack.

What they said: “I’m absolutely determined to fight for our nation. I thank my colleagues for this opportunity to take up the fight,” he said.

While deputy leaders are often interested in the portfolio, O’Brien’s replacement Jane Hume is unlikely to take it. Hume is a senator, and treasurers deliver their budgets in the House of Representatives.

Moderate Tim Wilson is also in contention for the treasury portfolio, but declined to comment when contacted by Capital Brief.

Speculation has also abounded that Andrew Hastie, who shelved his leadership ambitions to make way for Taylor, would be given the role to burnish his economic credentials. But Sky News has reported this week that Hastie, a former soldier and defence spokesman, is interested in the foreign affairs portfolio.

O’Brien accepted that Ley had taken over at a "tumultuous time”, but said the new leadership team would set a “very clear focus on what matters most” to the Australian people. He ruled out following Ley in retiring from politics.

Meanwhile, in first public comments since his resounding win, Taylor described the leadership as “an immense honour”.

“I am looking forward to working with my deputy, Jane Hume to serve the Australian people,” he said on social media.

What they said: “I will serve in whatever capacity I can … You have to trust the collective wisdom of the room, and I believe they got it right,” O’Brien said.

“One of the things she said was, when something ends in sadness, don't dwell in disappointment,” she said.

“So today, I want to express gratitude to the Liberal Party that I have belonged to and love for more than half of my adult life.”

Ley expressed no ill will to Taylor’s backers, and said she wished the new leader well.

“I know he has experience, energy and pride,” she said.

On her nine-month leadership, Ley accepted the interim had been “tough, at times very tough” but said she would leave it to the public to judge her performance.

She expressed pride at pressuring the government into a royal commission on antisemitism, and settling on the Liberals’ reversal on net zero.

“While I'm sure plenty of people will have plenty to say. I've never sought to influence what other people think of me,” she said.

What they said: “It is important that the new leader gets clear air, something which is not always afforded to leaders,” Ley said.

Taylor and Hume are expected to speak to the media later on Friday.