BREAKING NEWS: Abbott eyes off Gillard's "precious gift"

Ms Gillard says that Australia's first female Prime Minister is a "precious gift" that the country "should not give away lightly".

Opposition leader Tony Abbott was unashamedly optimistic about the news that the Australian Labor Party was to replace Kevin Rudd as leader with his deputy, Julia Gillard.

"It is a clear sign of weakness that the Labor Party should chop and change its leader so readily," he said.

"No party should do that unless it's in opposition, where it can really let itself go for a while."

Mr Abbott stated that the Liberal Party consequently stands a good chance of winning the next federal election.

But Ms Gillard replied by saying that her appointment is a "precious gift", and that Australia's first female Prime Minister is something that the country "should not give away lightly".

“Australian women want to make their own choices and they don’t want to be lectured to by Mr Abbott," Ms Gillard said.

Ms Gillard and Mr Abbott forged a charged relationship when they were managing Australia's health portfolio. The two spent a great deal of time together and still have an "eccentric friendship".

However, with a looming federal election, Ms Gillard is now warning the country that waking up to Mr Abbott is "a really bad thought".

"There are mornings when I see Tony … when I'm not sure it was the wisest decision," Ms Gillard has said.

Ms Gillard won the role of Prime Minister in a leadership spill this morning. Mr Rudd, disgraced by not receiving a single vote of support, finally revealed to the Labor caucus that he had been John Howard in disguise all along.

"The wig had us completely fooled", said a Labor spokesperson, who asked not to be named.

Ms Gillard already has the support of a senior Iranian cleric, who warned Australians that giving away this first time too easily would increase the risk of earthquakes.