"What we're seeing in the forex markets reflects a crisis of confidence in the ability of Australia's political class to deliver sensible economic outcomes that ensure our future prosperity", said Stephen Miller, an adviser at Grant Samuel Funds Management and former head of fixed income at BlackRock Investment Management Australia.
Australia's latest leader, Scott Morrison, spoke with President Donald Trump, organized his Cabinet and met drought-affected farmers on Saturday as the backlash continued over yet another prime minister selected by an internal party vote.
Foreign Affairs Minister Julie Bishop and Treasurer Scott Morrison have also put their hand up and are expected to compete for the leadership position in Canberra on Friday.
Mr Dutton's and Mr Turnbull's camps waged the most chaotic, frenetic and at times farcical leadership struggle that Australian politics has seen in years, closing down Parliament on Thursday and damaging the Liberal Party's credibility.
Speaking to reporters after the vote on Friday, Mr. Morrison said he wants to "bring our party back together which has been bruised and battered this week" and bring the country together.
Even those in Mr Dutton's camp were unwilling to say they had enough votes to force the spill and the Prime Minister has not yet received the letter, which still remains unsighted.
Outgoing Australian Prime Minister Malcolm Turnbull waves while holding his granddaughter Alice during a final press conference before leaving Parliament in Canberra on Friday.
When he returned to Australia he became director of the NSW Liberal Party in 2000 before taking a job running Tourism Australia in 2004 where he was involved in the controversial "Where the bloody hell are you?" campaign.
That opened the door for two people who had been loyal to him - Scott Morrison and Julie Bishop - to start lobbying for the job themselves, which they've been doing since yesterday afternoon.
Dutton's rumoured deputy, the former environment and health minister Greg Hunt, is not exactly their pin-up boy. Mr Morrison was elevated to Treasurer by Malcolm Turnbull after he took after the leadership.
"We intend to be governing ... so I don't think anybody should be making any plans for any elections any time soon", Morrison said. Turnbull did not stand for election in the vote and said he will resign from Parliament "not before too long". Mr Morrison defeated Mr Dutton 45 votes to 40.
With the government only having a wafer-thin one-seat parliamentary majority, this could spark an early election.
Australia's new Prime Minister Scott Morrison promises to rebuild trust in government and be firmly on the side of Australian voters.
Turnbull blamed his demise on "vengeance, personal ambition, factional feuding" in his party, led by conservative lawmakers including former prime minister Tony Abbott, the man he toppled in a party-room coup in September 2015.
"We affirmed the strength of the relationship between the U.S. and Australia".