A crowded field is lining up to contest the seat of outgoing Liberal leader Sussan Ley after she lost the top job and announced she'll quit politics.Angus Taylor ousted Ms Ley as Liberal leader in yesterday's spill, securing the majority of votes in a secret ballot. The Liberals and Nationals will now be among those vying for the regional New South Wales seat of Farrar in a by-election, as well as One Nation and independent Michelle Milthorpe who ran at the last election against Susan Ley. Australia and the European Union are on the cusp of finally reaching a free trade agreement after talks in Brussels.Trade Minister Don Farrell travelled to Europe earlier this week to revive trade talks, pressing the EU to lower barriers to Australian agricultural exports. If everything goes to plan, EU President Ursula von de Leyen could soon visit Australia to sign the deal with Prime Minister Anthony Albanese. US President Donald Trump says fear may be the only thing that will push Iran to reach an agreement on its nuclear program. The American military presence in the region is ramping up as a second aircraft carrier group is deployed to the Middle East.Speaking to US troops in North Carolina, Mr Trump says it's been difficult to make a deal with Iran, and fear may be needed to resolve the standoff. Iran says it's prepared to discuss limits on its nuclear program, in exchange for lifting sanctions.

The Liberal party is set to face a messy by-election in the New South Wales seat of Farrer to replace Sussan Ley.

Australia's Josie Baff has made history at the Winter Olympics, claiming gold in the women's snowboard cross in Livigno.

Listen to the latest updates from ABC News

Listen to the latest updates from ABC News

Newly-appointed opposition leader Angus Taylor has outlined his priorities for the Liberal Party, after ousting Sussan Ley in a leadership spill this morning.

Mr Taylor says he's focused on the challenges of hard-working Australians, and restoring confidence in the Liberal party, which has plummeted in popularity according to a series of recent opinion polls.

Victorian Senator Jane Hume has been elected deputy leader, replacing Ted O'Brien.

Pauline Hanson has confirmed One Nation will contest the Farrar by-election, triggered by Sussan Ley's decision to exit politics.

The decision will see the New South Wales seat she's held since 2001 vacated.

Recent polling shows a bump in support for the minor party while the Coalition has recorded a steep drop in support.

Ms Hanson says people in the regional electorate feel forgotten.

Heavy rain will continue to drench parts of eastern Australia this weekend, with a risk of flooding around a number of rivers.

The weather system responsible has arrived from the outback, where it's already brought the highest rain totals in up to 15 years this month.

This rare desert drenching is the result of an intrusion of very humid tropical air, an air mass now over Queensland, where it will stall for several days.

The new opposition leader Angus Taylor has made his pitch to Australians as he sets out to reverse the Coalition's fortunes.

The new Liberal leader Angus Taylor says he wants to win back voters who are turning to Pauline Hanson's One Nation.

The conservative M-P has replaced Sussan Ley after a leadership spill this morning, which Mr Taylor won 34 votes to 17.

Recent polling shows a bump in support for One Nation... while the Coalition has recorded a steep drop in support.

Mr Taylor says he recognises the Liberal Party is losing votes to the right but says copying the minor party isn't the answer.

Sussan Ley will resign from parliament after being ousted, triggering a by-election in the New South Wales seat of Farrar.

The Prime Minister has congratulated her for the grace and dignity she's shown on a very difficult day.

In a statement, Anthony Albanese says he's spoken with Ms Ley to "wish her the best for her future".

Nationals leader David Littleproud - who's had rocky relationship with Ms Ley at times - says she's "shown integrity and class" and that he wishes "her all the best in her future endeavours."

The hometown of Cooper Woods has been celebrating his gold medal in the men's moguls at the Milano Cortina 20-26 Winter Olympics.

The 25-year-old has become just the seventh Australian to be crowned a Winter Olympic champion.

The town of Pambula Beach on the New South Wales far south coast is even in talks about installing a statue or mural of Woods.

Addressing the media for the first time since defeating Sussan Ley in a Liberal partyroom ballot, Angus Taylor says "it's the greatest honour" of his life to be elected the new Opposition leader.  

He's acknowledged Sussan Ley's "extraordinary" contribution to the Liberal Party and Australia, while pointing to the huge task ahead for his party.

As a first priority, Mr Taylor has pledged to restore Australia's standard of living and protect our way of life.

Sussan Ley has annouced she'll resign from parliament shortly and give Angus Taylor "clear air" in his new role.

The leadership spill has ended her tenure as the first woman to lead the party at a federal level, after just nine months in the role.

Her supporters argue some of her conservative team members did not give her a fair go — something Ms Ley says should be afforded to Mr Taylor.

Organisers of Monday's pro-Palestine demonstration to oppose the visit of Israeli President Isaac Herzog in Sydney are welcoming an independent review into police's conduct.

The New South Wales police watchdog has announced it's launching an inquiry into the actions of police and allegations of misconduct.

The Palestine Action Group says the commission needs to conduct a 'transparent, thorough and timely' investigation - and are also calling on the Premier, the Police Minister, and the Police Commissioner to resign.  

The new leader of the federal Liberal Party, Coalition and Opposition, Angus Taylor, says on social media he's honoured to lead the party, but observers point out he'll need strong policies to lift the Liberals out of its current crisis.

He rolled the party's first federal female leader Sussan Ley 34 votes to 17 in a leadership spill.

She only lasted nine months in the position and has now announced her retirement from politics triggering a by-election in her regional New South Wales seat of Farrer.

Angus Taylor takes the helm of the Coalition at a time of devastatingly low polling while One Nation becomes a serious threat.

The New South Wales police watchdog has confirmed it'll launch an investigation, in the wake of violent clashes at a protest at Sydney Town Hall.

Footage from the rally shows some officers appearing to throw punches while arresting demonstrators, as others dragged away Muslim men who'd been praying.

The Law Enforcement Conduct Commission says it's received a 'significant number' of complaints since the protest over a visit to the city by Israeli President Isaac Hertzog.

The heavy rains forecast for south-east Queensland have begun soaking the Gold Coast dumping more than 100 millimetres in the area.

A severe weather warning is predicting heavy rainfall that could lead to isolated major flooding developing in the wider region.

The wet weather's expected to continue into the weekend before easing and some residents have been sandbagging in preparation.