Bronwyn Bishop is resigning as Speaker following a string of revelations suggesting systemic abuse of taxpayer funded travel entitlements.
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Prime Minister Tony Abbott called a snap media conference on Sunday afternoon to announce the Speaker's resignation.
"Today Ms Bishop called me to let me know that she would be resigning," Mr Abbott said.
Mr Abbott insisted the problem was the system of MPs entitlements and not the users and announced a major review into the scheme to be headed by former Finance Secretary David Tune.
Labor has been demanding the Speaker's resignation over revelations she hired a $5, 000 private helicopter to travel from Melbourne to Geelong for a Liberal fundraiser.
Mrs Bishop initially refused to apologise although agreed to repay the money. She has since issued a grovelling apology.
Mr Abbott refused to criticise his long-time friend saying the system had let her and other MPs down.
"We have a situation where spending is arguably inside the rules but plainly outside community expectations," he said.
MORE TO COME
