Multi-millionaire Turnbull swears in as new prime minister of Australia

CANBERRA (Web Desk) - Multi-millionaire former banker Malcolm Turnbull Tuesday sworn in as prime minister of Australia.

Turnbull is the country´s fourth prime minister in just over two years, a recent Australian political tradition the deposed Abbott slammed as a "revolving door" that was not good for the country.

"This is the most exciting time to be an Australian," Turnbull told reporters in the capital before taking the oath.

"This is a turn of events I did not expect, I have to tell you, but it´s one that I´m privileged to undertake, and one that I´m certainly up to."

Turnbull, a suave former lawyer, has pledged to run a consultative government, in contrast to Abbott´s divisive rule.

"My firm belief is that to be a successful leader in 2015, perhaps at any time, you have to be able to bring people with you by respecting their intelligence in the manner you explain things," he said Monday. "We need advocacy, not slogans."

Abbott lashed out at the savage nature of modern politics after his sudden toppling by his long-time Liberal Party colleague and rival -- who served as communications minister before making the challenge.

"The nature of politics has changed in the past decade. We have more polls and more commentary than ever before, mostly sour, bitter character assassination," Abbott told a farewell press conference.

He won power in a general election victory in September 2013 but his first budget, with its harsh cuts to health and education, proved highly unpopular.

Abbott survived a leadership challenge in February after poor polling and a series of gaffes ignited a backbench revolt.

But he failed to turn around the polls, bolster the economy or stop damaging internal leaks, and lost the support of his party.