Mr McCormack spoke just after 1pm on Monday after being defeated in a leadership ballot earlier that morning.

"I have been honoured to serve the National Party as its leader for the past three years, I have been privileged and humbled to do that," Mr McCormack said.

"The National Party has been the party for regional people for more than 100 years; it will go on irrespective of who is the leader."

Mr McCormack, who at times appeared emotional during his address, said he was "just a boy from Marrar" and it was a testimony to how great Australia was that he was able to go from a village of about 100 people when he was born to such high office.

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"This has been a democratic decision and I do accept it. This is the way politics is. Is it disappointing? Yes. Will I continue to serve the people of the Riveirna? Of course I will," Mr Mccormack said.

"I'll take some time to think about my future but it was also a humbling privilege to serve the people of the Riverina in this role as Member for Riverina."

Mr McCormack thanked his colleagues for giving him the opportunity to lead the party since February 2018 and said it had been a "deep honour" to serve as the Minister for Infrastructure, Transport and Regional Development during that time as well.

"It have worked well with [Prime Minister] Scott Morrison to ensure we have good and stable government in such challenging times, times that no-one could have imagined: there has been drought, there has been bushfires, cyclones, storms, floods and COVID-19," he said.

Mr McCormack named the creation of the Murray-Darling Medical Schools Network as one of his greatest political achievements.

Labor opposition leader Anthony Albanese said the government was being "self-indulgent in the middle of a pandemic".

"There has been no reason for the rolling of the leader of the National Party other than self-indulgence and a power-hungry mob engaging in internal politics at a time when we should be focused on that happens outside [Parliament House] not what happens inside," Mr Albanese said.