Ms Ley, who easily won her seat back at the federal election, was voted in ahead of Angus Taylor.
She is the first female leader of the federal Liberals after being picked to lead the opposition following the Coalition's resounding election defeat.
The former Liberal deputy defeated ex-shadow treasurer Angus Taylor 29 votes to 25 in a party room ballot of 54 members on Tuesday, May 13, in Canberra.
The Coalition holds 42 of 150 lower house seats, less than half of Labor's 93.
Of three seats yet to be called, the Liberals are ahead in two and Labor one, meaning there's a chance of a slight improvement in the tally, but the Coalition faces a Herculean task to win government in three years regardless.
Ted O'Brien was elected deputy leader.
The Nationals re-elected David Littleproud as their leader on Monday, following a challenge from conservative senator Matt Canavan.
Ms Ley said as leader, she would draw on the “enormous depth of talent” in the party room.
“We will carefully develop policies through our robust party room processes, supported by our broader membership, to deliver better outcomes for all Australians,” she said when confirming her candidacy.
“Under my leadership, these policies will always be guided by the timeless values which were the foundation of Menzies’ Liberal Party.”
Ms Ley said it’s clear the Liberals must do more on economic policy, and to repair a feeling of neglect from women and young people in particular.
“It is clear that we got it wrong, and that Australia expects a change in direction and a fresh approach from the Liberal Party,” she said.
“The Liberal Party needs to listen to the Australian people and meet them where they are. We need to understand their aspirations.
“We need to build a new economic narrative. We need new policy offerings that show Australians we can help them and their families get ahead.
“We need to listen, and we need to change. The Liberal Party must respect modern Australia, reflect modern Australia and represent modern Australia.
“Many Australians, including women and younger Australians, feel neglected by the Liberal Party.
“We must rebuild trust with all sections of Australian society, and my election as Leader of the Liberal Party would send a very strong signal that we understand things need to be done differently.”
The post-leadership vote press conference was continuing as the Southern Riverina News went to print yesterday.
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