Incoming prime minister Scott Morrison has promised to run a low-taxing government that believes the “best form of welfare is a job”, outlining his policy vision in his first speech to the nation as leader.

Mr Morrison was sworn in as Australia’s 30th prime minister at Government House on Friday evening as the sun set on an extraordinary week in Canberra. 

Scott Morrison has been sworn in as Australia’s 30th prime minister by Governor General Sir Peter Cosgrove.

Earlier, the incoming prime minister fronted the media after securing the Liberal leadership in a hotly anticipated three-way contest with former cabinet colleagues Julie Bishop and Peter Dutton. 

Flanked by his newly elected Liberal deputy Josh Frydenberg, the former energy minister, Mr Morrison said Australians should not expect his government to rush to an early election. 

“We intend to be governing. And we have got able to do as a fresh new team. So I don’t think anybody should be making any plans for any elections any time soon.” 

Mr Morrison has succeeded Malcolm Turnbull as Australian Prime Minister.

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That means the Morrison government will face an early electoral test with a by-election in the seat of Wentworth, with outgoing leader Malcolm Turnbull set to quit the parliament and vacate the seat. 

Mr Morrison conceded the Liberal party had been “bruised and battered” by a week of leadership turmoil, but heralded a “new generation” of leaders that could heal factional divisions.

“We’re on your side,” he said. 

Deputy Liberal Leader and new Treasurer Josh Frydenberg with the governor general.

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“That’s what matters.”

He said drought recovery was the “immediate priority” of his new government and said would work closely with the Nationals on the matter.

“This is our most urgent and pressing need right now,” he said, flagging a review of the government’s drought response.

Mr Morrison said he believed “Australians should keep more of what they earn” and said citizens should be judged on their contributions to the nation regardless of whether they came “ten generations ago, or ten minutes ago”.

Mr Morrison will visit the governor general later this evening to be sworn in as Australia’s 30th prime minister.

In an email to Labor members, opposition leader Bill Shorten said they should expect the government to call an election “any day” and urged supporters to donate to a campaign-fighting fund. 

In a preview of Labor’s election messaging, he labelled the prime minister-designate Scott Morrison as the “architect” of the Turnbull government’s recently dumped tax cuts for large corporations. 

“If this is Scott Morrison’s record as treasurer, imagine the damage he can do as prime minister,” he wrote.