The Liberals face a factional tussle over party leadership after their thumping federal election defeat.

Deputy leader Sussan Ley confirmed her candidacy on Friday morning, and was soon followed by shadow treasurer Angus Taylor.

"Many Australians, including women and younger Australians, feel neglected by the Liberal Party," Ms Ley said in a statement.

"We must rebuild trust with all sections of Australian society.

"My election as leader of the Liberal Party would send a very strong signal that we understand things need to be done differently."

Ms Ley has the support of the party's moderates, with some believing a woman at the helm will help repair the party's negative image among female voters.

After much speculation, Mr Taylor also announced his candidacy for the leadership, promising to rebuild the party around its core values such as sound economic management and aspiration.

"I will provide leadership that unites our party, that puts our cause above sectional interests and that reaches beyond our base and earns the trust of the voters that we've lost," he said in a statement.

With AAP.