New PM promises end to divisiveness

Multimillionaire former banker Malcolm Turnbull was sworn in on 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."