All eyes this morning will be on Liberal Party MPs as they arrive to a regular meeting, where they will discuss Mr Turnbull's revamped NEG, which will no longer include a legislated 26 per cent emissions cut target.
He called a spill in February 2015, but it wasn't until September that Malcolm Turnbull finally moved after Abbott had lost 32 Newspolls in a row.
Mr Turnbull said yesterday company tax cuts remained on the parliamentary agenda, but there were reports he meant to put a plan to ditch the policy to last night's meeting.
Former Prime Minister Tony Abbott said the backflip showed his successor was willing to abandon his core beliefs. Mr Abbott told reporters outside Parliament House on Monday evening.
Mr Turnbull faces his most critical week since coming to office and will return to Parliament today to be greeted by conservative backbenchers approaching revolt, an Opposition cheering on his leadership rivals and a Senate hostile to his signature economic policy, company tax reform. Australians are due to hold a general election early next year.
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The Liberal partyroom will meet on Tuesday amid growing speculation the Home Affairs minister Peter Dutton is considering a leadership challenge.
Treasurer Scott Morrison told Sky News Mr Turnbull was the "right prime minister" while Education Minister Simon Birmingham said he believed Mr Dutton supported the PM.
Asked further about the leadership, Mr Turnbull said: "I enjoy the confidence of the cabinet and of my party room".
"Mr Turnbull is truly a white flag prime minister", Mr Shorten said.
While Coalition marginal seat holders have publicly supported Mr Turnbull, some privately lobbied in favour of Mr Dutton to improve the party's chances in Queensland.