Former treasurer Scott Morrison is set to replace to Malcolm Turnbull as Australia's sixth Prime Minister in just over 10 years, following a leadership vote on Friday which ended a week of chaos.

A member of the ruling Liberal party's conservative faction and former Immigration Minister, Morrison defeated former Home Affairs Minister Peter Dutton by 45 votes to 40 at a closed door leadership vote shortly earlier in the day, CNN quoted party's whip Nola Marino as saying. Marino added that Minister for the Environment and Energy, Josh Frydenberg, had been elected as Deputy Prime Minister.