Malcolm Turnbull Is 'Shattered' By LibSpill

He spent Thursday night drinking with one of his few loyal Ministers left.

Malcolm Turnbull is "shattered" by the ongoing leadership crisis, according to Turnbull loyalist Craig Laundy.

The current Prime Minister -- at the time of writing, at least -- spent Thursday night having a drink and, presumably, working the phones trying to sort out this mess.

When asked by KIIS FM as to how Turnbull was doing, Laundy seemed momentarily lost for words.

"Look," he said. "He's um... he's... shattered, basically."

Laundy said they were drinking red wines and champagne on Thursday night, although it was hardly a celebration.

"The Australian public should be cranky with us," he said. "Whilst we're fighting amongst our selves we're not thinking about them."

A tired-looking Turnbull fronted media on Thursday to announce that should a spill be called -- which is looking very likely at this point -- then he will not stand.

Instead, it will be a three horse race between Peter Dutton, Scott Morrison and Julie Bishop.

Laundy said that Bishop is "the most popular and the most well-known", but that "funnier things have happened inside party rooms."

It is still unclear at this point if a party room meeting will go ahead. Turnbull made the unprecedented stipulation that he would need 43 signatures on a letter calling for a meeting.

READ MORE: Stay up-to-date with this unfolding situation on our live blog.