Angus Taylor has toppled opposition leader Sussan Ley for the top job, winning 34-17.

A special party room meeting was called for 9am on Friday, after Taylor announced he planned to challenge Ley for the role yesterday, following his resignation from the frontbench on Wednesday night.

Several frontbenchers, including James Paterson, resigned from the frontbench in the lead-up to the spill.

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Taylor then spoke publicly after becoming the federal opposition leader.

“I won’t mince words, the Liberal Party is in the worst position that it has been since it was founded in 1944,” he said.

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