Peter Dutton isn’t ruling out launching a second leadership challenge against the Prime Minister after his failed attempt this morning.

After the Prime Minister declared the leadership vacant in a party room meeting, Mr Dutton put his hand up and prompted a vote.

He failed in his attempt to oust Mr Turnbull but only just, with the Prime Minister securing a narrow victory 48 votes to 35.

Mr Dutton was invited to continue in his position as Home Affairs Minister but declined, telling Mr  Turnbull he doesn’t feel he can remain in the Cabinet having challenged the leadership.

Treasurer Scott Morrison will step in as acting Home Affairs Minister as Mr Dutton moves to the backbench.

In a press conference this afternoon, Mr Dutton has thanked his party members for their “considerable support”.

NOW | “I would like to say thank you to my colleagues for their considerable support in the party room.”@PeterDutton_MP fronts the media following failed leadership challenge.#auspol pic.twitter.com/KeeBRK45RY

— 2GB 873 (@2GB873) August 21, 2018

The former Home Affairs Minister declared he launched a bid for the leadership because he wants to keep Bill Shorten out of office.

“I made a decision not because I had any animosity toward Malcolm Turnbull.

“I made a decision to contest this ballot because I want to make sure we can keep Bill Shorten from ever becoming prime minister of this country.

“I believe I had the best prospect of leading the Liberal Party to success at the next election… that wasn’t to be today.”

Mr Dutton dodged questions as to whether another spill is on the horizon, but insists he’ll do whatever he can “to make sure that we are in a position to win the next election”.

Click PLAY below to hear Mr Dutton’s address in full