Mark Speakman has stepped down as the leader of the New South Wales Liberal Party, acknowledging a loss of confidence among his colleagues. His resignation comes amid increasing pressure and speculation about his leadership.

Speakman announced his decision late Thursday, just hours after he had expressed determination to continue leading the party into the March 2027 election. He stated that factional allies had informed him of the lack of support from his peers, leading to his reluctant resignation.

In a statement, Speakman endorsed Vaucluse MP Kellie Sloane as his successor, asserting she is the best candidate to bring “renewal and regeneration” to the party. “She believed that the interests of the party would be best served if she took the reins, and I have reluctantly agreed that,” he said.

Speakman reflected on his time as leader, describing it as a privilege. He urged his colleagues to unite behind Sloane to ensure the party's success in the upcoming election. “Unfortunately, there has been speculation about my leadership from the day I took it,” he noted. He emphasized the importance of solidarity, stating, “Whoever they elect tomorrow is someone they have to absolutely get behind.”

Sloane confirmed her intention to run for the leadership position during a party meeting scheduled for Friday morning. She expressed gratitude for Speakman’s leadership and his endorsement.

The resignation follows a series of challenges for the NSW Liberal Party, which has faced criticism after a poor federal election performance. Speakman acknowledged the need for the party to adapt to a changing electorate, stating, “We are not back in the 1950s with white picket fences.” He highlighted the necessity of appealing to younger voters and modernizing the party’s policies.

Moderate members of the party had expressed frustration over Speakman’s failure to take decisive action against Alister Henskens, a rival who had been positioning himself as a potential leader. A senior Liberal MP, speaking anonymously, indicated that Speakman’s leadership became untenable after he did not remove Henskens from his shadow cabinet.

The leadership turmoil in NSW follows a similar situation in Victoria, where the Liberal opposition recently replaced its leader. Speakman’s resignation marks the second leadership change in the NSW Liberal Party within a short period.

As the party prepares for a leadership ballot, Sloane is seen as a strong contender, while Henskens has garnered support from the right faction. Speakman’s departure has raised questions about the future direction of the party as it seeks to regain public trust and electoral viability.

The NSW Liberal Party is at a critical juncture, with a state election approaching in less than 18 months. The new leader will need to address internal divisions and work towards rebuilding the party’s image in the wake of recent challenges.