That puts the Labor Party one up in parliament.
There will be a by-election as well after Abbott's brain explodes.
Renegade Liberal boosts Labor's numbersBy Jeremy Thompson
Updated November 24, 2011 13:23:29
A desperate Opposition rearguard action failed to stop renegade Liberal MP Peter Slipper from being installed as Speaker of the House of Representatives in a stunning Labor coup today.
A day of extraordinary political drama began when Labor Speaker Harry Jenkins announced his resignation.
The move pitched Mr Slipper into the spotlight, with Labor Caucus wasting little time in nominating him for the Speaker's role - a move which will effectively give Labor one more seat in the House of Reps and lessen its reliance on independent and Greens MPs.
Opposition Leader Tony Abbott hit back by threatening to throw him out of the party if he accepted the job.
The vote to install Mr Slipper was scheduled for 12:30pm AEDT and Mr Slipper announced that he would accept Labor's nomination - effectively casting himself into the political wilderness and guaranteeing his expulsion from the Liberal ranks.
But manager of Opposition business Christopher Pyne stepped up to nominate a succession of Labor MPs for the job instead.
All declined; Anna Burke, Dick Adams, Sid Sidebottom, Sharon Bird, Kirsten Livermore, Steve Georganas ... the list went on.
Finally Mr Pyne gave up the unequal task and Mr Slipper's election to the Speaker's role was confirmed.
It is understood the Government has been negotiating with Mr Slipper for some weeks, deliberations that were kept secret, and surprised his former colleagues today.