Abetz, Cormann will work with Turnbull

Two of Tony Abbott's biggest supporters have bowed to opposition pressure and declared their support for new prime minister Malcolm Turnbull.

Cabinet ministers Eric Abetz and Mathias Cormann backed the new leader during Senate question time on Tuesday, after Labor insistence.

Senator Abetz was asked if he would resign or if he was "waiting to be sacked" after supporting Mr Abbott in a Liberal leadership ballot on Monday evening.

"The king is dead, long live the king," he declared in reply.

Mr Turnbull told Liberal MPs earlier on Tuesday he would choose his new ministry at the weekend.

"When you win, you don't gloat; when you lose, you don't moan and you get on with the task of delivering good government for the people of Australia," Senator Abetz said.

Mr Turnbull, in announcing his intention to challenge Mr Abbott, criticised the economic management of the government.

Opposition Senate leader Penny Wong used the comments to ask whether Finance Minister Cormann would resign, to which he replied: "I'm looking forward to working with the prime minister."