The list of names floated for the position after Peter Dutton’s historic defeat at the federal election narrowed after shadow immigration minister Dan Tehan announced he would not be throwing his hat into the ring.

Today, Ley and Taylor formally announced their candidacies.

Ley pledged to lead a “change in direction” and “fresh approach” for the Liberal Party. 

“The Liberal Party needs to listen to the Australian people and meet them where they are. We need to understand their aspirations,” she said.

“We need to build a new economic narrative. We need new policy offerings that show Australians we can help them and their families get ahead.”

Ley spoke on reflecting modern Australia and earning back trust.

“Many Australians, including women and younger Australians, feel neglected by the Liberal Party,” she said.

“We must rebuild trust with all sections of Australian society and my election as Leader of the Liberal Party would send a very strong signal that we understand things need to be done differently.

“We will carefully develop policies through our robust party room processes, supported by our broader membership, to deliver better outcomes for all Australians.”

She has not confirmed who is running with her as her proposed deputy leader. 

Taylor also spoke on rebuilding the party and its values in his announcement. 

“This is not a decision I’ve taken lightly but it is one I’ve taken with conviction following discussions with many of my colleagues this week,” he said.

“Our party is at a crossroads. After the result on Saturday, we owe it to our members, our supporters, and the millions of Australians who believe in our cause to regroup, rebuild, and get back in the fight.”

Taylor said his plan to move the party forward will include restoring values, policies that match the scale of challenges the country faces, and bringing in more talent, “especially more women”.

“We must operate like a campaign every day – with strong candidates, clearer messages, smarter strategies, and greater fundraising,” he said.

“We need to modernise our organisation from the ground up and back our volunteers and members who give so much to our cause.

“None of this will be easy. Reform never is. But the road to government begins with doing the hard things now, not later.

“I will provide leadership that unites our party, that puts our cause above sectional interests and that reaches beyond our base and earns the trust of the voters that we’ve lost.”

Price is a senator for the Northern Territory branch and the Coalition’s shadow Indigenous Australians minister.

Liberal party chiefs confirmed today they’ll be holding a party room ballot to elect a new leader next Tuesday at 10am.

The party is looking for a new leader after Dutton became the first opposition leader in Australian history to lose his own seat in last Saturday’s federal election.

Dutton was ejected from the Brisbane seat of Dickson, which he had held for 24 years, by Labor’s Ali France.