Michael McCormack has been formally elected as the new Nationals leader and Deputy Prime Minister, following Barnaby Joyce’s decision to stand down.

Mr Joyce is moving to the backbench following intense scrutiny on his private life.

He came out in front against Nationals MP George Christensen, who put his hand up at the last minute.

In his address to the media, Deputy Prime Minister McCormack said Joyce’s “legacy will endure”.

“I want to place on record an acknowledgement for Barnaby Joyce, he has been an outstanding leader… his legacy will endure.”

David Gillespie pulled out of the race, while David Littleproud also ruled out throwing his hat into the ring.

Nationals MP Keith Pitt endorsed Mr McCormack for the top job.

Nationals whip Michelle Landry says the leadership change offers a chance for the party to refocus.