Nationals chief whip Damian Drum confirmed the result just after 11:50am but did not disclose the number of votes for each candidate.

Queensland Senator Matt Canavan reportedly moved a spill motion in the party room meeting to declare the leadership position vacant.

"The spill motion was carried and we had an election. Barnaby Joyce has been elected leader of the National Party at a federal level," Mr Drum said.

Mr McCormack addressed the media shortly after 1pm, where he said he was "honoured" to have served as deputy prime minister.

"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.

Mr Drum said Mr Joyce was due to hold a press conference on Monday afternoon.

Mr Joyce was then returned as party leader more than three years as a backbench MP for New England following his resignation in the wake of an extramarital affair scandal and sexual harassment allegations.

"That's democracy," Mr McCormack said of the result as he left the party room meeting.

"I've represented this nation as Deputy Prime Minister for three years and I'm proud of the fact I did my best and that's all that anyone can every ask," Mr McCormack said.

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

In other news

"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.

If Mr McCormack loses his Transport, Infrastructure and Regional Development ministerial portfolios as well, his salary will likely be cut down from about $433,000 to $211,000 per year.

Mr McCormack spoke briefly to SBS TV, who asked him about a potential leadership spill this morning while he was on his way to the party room meeting..

"Who knows? Who knows what the future holds? Que sera, sera. Whatever will be, will be. The future is not ours to see. I'm quoting Doris Day. I've got to go now," Mr McCormack said.

Mr Joyce told Sunrise this morning that Mr McCormack was a "good bloke" but the issue was the next federal election and the need for the National Party to have "clearly identifiable" policies.

Mr McCormack said over the weekend that he was focused on flood and pandemic recovery rather than leadership speculation.

"If others within government think that they should be talking about themselves and their ambitions at this difficult and challenging time then that is a matter for them," he said.

Former Riverina MP Kay Hull dismissed the issue on Saturday and described Mr McCormack's leadership as "strong, supported and resilient".

Mr Joyce previously tried to challenge Mr McCormack for leadership of the Nationals in February last year but was defeated by a margin that has never been officially disclosed.

Mr McCormack won the leadership position in February 2018 in the wake of Mr Joyce's resignation as Deputy PM due to an extramarital affair with a staff member.

Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content: