Newly elected Liberal leader, Malcolm Turnbull, has come out swinging against the Rudd Government, slamming its economic management and a reckless approach to the introduction of an emissions trading scheme.

In a long and animated press conference, the new Opposition Leader said Australia needs "real leadership" during uncertain global economic times, not a Prime Minister and Treasurer talking the country down.

Flanked by Julie Bishop, who retained the deputy leader's job unopposed, Mr Turnbull said it was a "great honour, a privilege [and] humbling" to be elected as the leader of the Federal Liberal Party, which he said was a great party with freedom, fairness and prosperity at the core of its values.

Despite an elite private schooling education, and success as a barrister and merchant banker, Mr Turnbull said he did not come to the position of leader from a lifetime of privilege and understood what it was like to be short of money.

Mr Turnbull, the MP for the Eastern Suburbs Sydney seat of Wentworth but who also owns a cattle property at Aberdeen in the NSW Hunter Valley, said the Liberal Party knew what a tough world it could be and it was the party's job to ensure Australian society was a fair one.

He said the party's position on climate change had not changed and the party's policy on an emissions trading scheme, while being reviewed, would ensure a scheme would be brought in at an appropriate time that would protect Australian industry and jobs.

He said the Rudd Government's scheme would cause economic harm and have no environmental benefit.

Mr Turnbull also said Mr Rudd was rushing to introduce a scheme for political reasons without waiting knowing the outcome of the US elections or waiting for the climate change meeting in Copenhagen at the end of next year.

Ms Bishop said the Liberal party would be "well served" by Mr Turnbull's "intellect, energy and vision".

She said Mr Turnbull would take up a strong position against a "weak" and "dithering" Kevin Rudd.