Former Treasurer Scott Morrison, Australia's sixth prime minister in 11 years, pledged to bring stability after Malcolm Turnbull relinquished power on Friday in a party coup.

In his first remarks after narrowly winning a Liberal Party vote over right-wing populist Peter Dutton, Morrison said he would pick a new Cabinet over the weekend and an election due by May wouldn't be held soon.

He also vowed to bring down electricity prices and address drought-ridden areas of the country.