was challenged and defeated by julia in a labor party room vote, two years later kevin rudd challengedhe leadership and lost but in 2013 rudd got enough support from his labor colleagues to unseat him and a few months later rudd lost to leader tony abbot in parliamentary electiboparliamen elections and he held on in february and now faces a fresh challenge and andrew i mean australian politics have been described in the past as being quite chaotic and seems to be rather a lot of the leadership challenges. >> well, if the prime minister of australia changes in about 20 minutes time that will be the fifth change in what six years in what is thought of as a relatively stable democratic country, quite remarkable times and one of the ways that tony abbot has weighted them to vote over the labor party in 2013 is saying the labor government is dysfunctional because it changed leaders so many times and here is the liberal party, the governing party that tony abbot leads doing the same thing and already has been a challenge to tony abbot's leadership earlier this year but without a formal decla

prime minister kevin rudd who won in a landslide victory in 2011 was challenge booed i his deputy ands position in 2009 and, in 2013, kevin rudd came back and challenged the woman, who had challenge hemmed for the job. tony abbott the opposition leader at the time, said that this was chaotic politics, it would never happen under a government that he led. he was a very effective opposition leader. ran that line again and again and again and largely won the election in 2013 off the back of funksal government. as opposed to dysfunctional government as he characterized it on the labor side. achieved certain things when it came to, for example, the success in his eyes of stopping boats of refugees from coming to australia. but what he hasn't been able to do is get the economy firmly on track. there are various signs that the australian economy is not head in this right directs and malcolm turnbull in his statements over an hour ago said that was the chief reason he was challenging tony abbott for the top job. he thinks the economy is off track and he wants to get it back on track. and that

paul: he was very calm and composed, if you compare that to kevin rudd when he was deposed.as very emotional, on the verge of tears at times. none of that from tony abbott. malcolm turnbull talking about how he will unite the caucus. tony abbbott saying there will e no undermining and no sniping. he had a dig at the labour party. there is currently an investigation under way into the involvement of the union movement and the labour party. he reiterated his success with policy on stopping the boats. the more attacked the opposition than he -- he more attacked the opposition than he did the vo ters. dig atd not resist a those who he felt undermined him, particularly the media. he said there is a febrile media culture. he urged the media not to get involved in that kind of thing in the future. he was also very daming of what -- damning of what he called the "poll-driven culture." rishaad: thank you, paul allen, commenting on tony abbott as he made his final statement as prime minister. the incoming minister is expected to take up the mantle as australia's 29th prime minister. j

. >> that happened last time, julian gill lard, kevin rudd. it's back and forth. some people are saying it's like the entertainment, the cycle we're seeing in u.s. politics. >>> speaking of u.s. politics interesting this weekend calling it a joke and a disgrace. that's how republican leadership candidate, the entertainer himself, donald trump described current ceo pay levels. he's worth $4 billion amassing a multi-billion dollar fortune from running a real estate business. >> so do you agree with donald trump that ceo pay is, quote, disgraceful or is the man worth an estimated $4 billion courting hypocri hypocrisy. e-mail us at worldwide cnbc com or on twitter. >>> the number of confirmed dead has risen to 107 following a crane collapse in mecca, saudi arabia. officials say hi winds caused the crane's collapse although others are placing the blame on unsafe building practices. it's confirmed that they will go ahead in spite of the tragic accident at the site. >>> kurdish militants killed three police officers on sunday. the attacks came after authorities imposed a

in 2010, then prime minister kevin rudd was challenged in a labour party vote. two years later, he challenged again for the leadership, but lost out to julia gillard. he got enough support to unseat her. two months later, he lost decisively to tony abbot in the parliamentary elections. things turned around for him when a party no confidence vote was held in february. he managed to cling on, but on monday, his time was up. >> israeli police detained several palestinians at compound in the occupied east jerusalem. tensions are high after israeli forces stormed the compound for the third time in 24 hours. police said palestinians threw rocks at officers, who then entered the area. on sunday, israeli police threw sun grenades into a mosque at the holy site. >> egyptian security forces say the number of mexicans accidentally killed in a security operation has risen to eight. only two nationals are dead. the shooting happened in the western desert, a total of 12 people were killed. the families of those injured in the incident have been visiting them in hospital. egyp

rudd, thank you very current president of the australiany, former prime minister, and let's not forget rodeo rider. back to you, matt. [laughter] matt: gather with -- glad that we had kevin i shouldister rudd, say. we will talk more about commodities. keep it here on "bloomberg market day." ♪ matt: all right, welcome back. you are looking at live pictures of andrews air force base here. we are expecting not president obama to land any moment now, but the pope, the leader of catholicism. pope francis at any moment will arrive at andrews air force base. we will get you the pictures of the papal landing as soon as we get them. he is going to address congress as soon as he arrives in washington, d.c. we know that he is supposedly unhappy, considering the guest list. we know that he will be visiting new york and philadelphia. basically the northeast american tour for port francis -- pope francis. now, will there be blood in the oil markets again? the next few weeks are critical for oil companies. banks are deciding how much to lend companies based on their reserves and the level of prices. banks line-up credit and could shrink by 10% to 15%, wiping up $15 billion in credit oi

she was very quick to congratulate her successor, kevin rudd.tt -- we heard from tony abbott. he wasn't particularly gracious about the new government. he did defend his own position. quite critical of the media and leaks within his own government, which he thinks was -- played a large part in his demise. >> he was clearly angry, clearly emotional. of course, it has to be remembered, he did to malcolm turnbull what malcolm turnbull did to him. we heard in the final speech of tony abbott saying it had been a tough day. but he would not be a wrecker unlike those who had gone before him. what lies ahead for abbott? what's his legacy as the country's prime minister? >> oh, that's a very good question. he wanted to take the country to the right. his legacy would be he was tough on immigration. about the policy about turning refugees back from the australian shores and rehousing them in islands dotted around the city, and in proper new guinea as well. tough on australian immigration and australian security. it's interesting, he's now back bencher. yes