The Liberal Party is in turmoil tonight following the resignation of six frontbenchers, including Tony Abbott and Senator Nick Minchin, after they refused to back Opposition Leader Malcolm Turnbull's position on the controversial emissions trading scheme.
Liberal frontbenchers Sophie Mirabella, Senator Eric Abetz, Tony Smith and Stephen Parry have also quit their positions over the ETS, leaving Malcolm Turnbull's future as leader in doubt.
It follows yesterday's resignations by fellow front benchers, Mitch Fifield, Mathias Cormann and Brett Mason, also in protest against Turnbull's ETS stance.
But in a press conference tonight Mr Turnbull said that while he respected his colleagues' decision, the issue was now one of integrity and it would be irresponsible for the party to not take action on climate change.
He said the Liberal Party could not be seen as the "do nothings on climate change" and also had to be men and women of our word after making a deal with the Government over the ETS.
"I am the leader of the Liberal Party," Mr Turnbull told reporters at a media conference in Canberra.
"I was confirmed as such ... just 24 hours ago."
However, the rebellion may not effect the passage of the legislation, with Labor needing just seven Liberal votes in the Senate to secure passage of the ETS.
Prime Minister Kevin Rudd has sought to exploit the chaos within the Liberal Party by setting 3.45pm Friday as the deadline for the vote, saying he expected the agreement reached with the Opposition to be honoured.
Earlier, Mr Abbott told reporters it was not a leadership issue but a policy issue. "This is an argument about policy. It is not an argument about the leadership," he said.
He said that he and Senator Minchin had seen Mr Turnbull in his office after question time this afternoon to ask him to reconsider his policy on emissions trading and delay a vote on Labor’s emissions trading scheme until next year, after the Copenhagen summit.
They had proposed the matter be put to a Senate inquiry but Mr Turnbull had said he was not prepared to reconsider.
"I indicated to Malcolm at the end of the conversation that given his position I could no longer support the opposition’s policy and therefore could no longer be in the shadow cabinet," he said.
He had no option but "to take the honourable course".
"It was a very civil, rational and courteous conversation conducted in a spirit of mutual respect," said Mr Abbott.
He said in the light of the fact he could no longer support his leader's policy he had no option but to resign.
"It is a very difficult decision for me," he said. "I have always been a very loyal party man."
Asked if he was going to challenge for the leadership, Mr Abbott replied: "I am not going to talk about discussions I might have had with colleagues.
"I can’t say what might happen in the future but as far as I am concerned this is a policy issue not a leadership issue."
Mr Abbott said his office had had an "absolute deluge" of critical emails after Mr Turnbull announced the coalition’s support for the amended ETS.
"The phone lines have been in meltdown with people saying that the Liberal Party would not be doing its job as an opposition simply to pass this thing without scrutiny ... it demands," he said.
Liberal frontbencher Sophie Mirabella told Sky News her resignation was not a decision she took lightly but felt she had no option but to resign because she could not vote for the ETS.
She said it was not a matter of leadership and she was prepared to demote herself to vote against the "fundamentally flawed" legislation.
Mr Abbott said it had been a "pretty heavy week" for the party.
"And for someone who has a record of loyalty to the party and to the leader that I’ve had, this has been an incredibly momentous decision."