Little's pity: Turnbull's Key goals bad for Oz

Labour leader Andrew Little says he pities Australia if its new Prime Minister, Malcolm Turnbull, wants to be like New Zealand Prime Minister John Key.

"I pity Australia if that's the case," he told reporters at Parliament yesterday.

He said Mr Key had presided over seven deficits, growing public debt, and an economy that did not have much to show for seven years of National Government.

"If that's Malcolm Turnbull's ambitions, then I pity Australia," he said.

In his first press conference on Monday night after ousting Tony Abbott from the job, Mr Turnbull complimented Mr Key's leadership style, saying he had an ability to take the public with him through economic reforms by respecting the intelligence of people, explaining the issues and putting the case for change.

Mr Little said there was a deep-seated problem in Australia and it seemed politicians did not have confidence in each other or the system.

"I don't know exactly what it is apart perhaps from something in Canberra's water, but it is an unusual turn of events for a large, developed country like Australia to have such a rapid change in Prime Ministers and no Prime Minister serving out their full parliamentary term."

He said there was a disturbing level of instability within the political establishment that was not healthy for Australia or New Zealand.

Mr Key said he spoke to Mr Turnbull yesterday morning to offer his congratulations and to say he looked forward to a strong and constructive relationship with Australia.

Mr Key said he and Mr Turnbull were both moderates and at the centre of their respective National and Liberal parties. They both came from an investment banking background.

"He has got strong economic credentials. He has a very good understanding of the economy and in his portfolio areas [communications] he has been very proficient."

Mr Key believed Australia would be looking for a period of stability now.

"The only country we can see in the Pacific that has had more change in a short period of time has been Vanuatu."

Mr Key did not believe there would a dramatic change in the direction of the relationship.

Julia Gillard as Prime Minister had been very engaged with New Zealand - "Kevin Rudd less so, to be blunt". Mr Abbott was very focused on New Zealand and he believed Mr Turnbull would have a similar focus.