Michael McCormack takes the reins as Deputy Prime Minister

New Deputy Prime Minister Michael McCormack has committed himself to seeing through Barnaby Joyce's flagship inland rail project but warned his Nationals colleagues not to expect a spending spree in the bush while the budget remains in the red.

In an interview with The Australian Financial Review, Mr McCormack also declared he wanted to be a Nationals leader in the mould of John Anderson and Warren Truss, who were noted for their low key and collegial approach to relations with the Liberal Party, and bring a "statesmen-like" approach to the job.

"I'm not Barnaby Joyce," he said.

"I'm Michael McCormack. Warren Truss was not Barnaby Joyce. We're all different. We all bring our own unique traits, abilities and talents.

"I don't think the National Party expects me to follow in the mould of Barnaby Joyce"

Mr McCormack said he was approachable, pragmatic and a fighter, pointing to how he crossed the floor in opposition to change the Coalition's policy to limit water buybacks in the Murray Darling Basin, which is at the heart of the agriculture industry in his NSW seat of Riverina.

Mr McCormack was the hot favourite to become Nationals leader after Mr Joyce announced his resignation on Friday after more than a fortnight of damage for the government over a series of revelations he had an affair with a staffer, his now pregnant partner Vikki Campion.

While prospective rivals David Littleproud and David Gillespie bowed out as the party moved to endorse Mr McCormack without the need for a ballot, rogue Queensland MP George Christensen was a shock nomination from the party room floor at Monday morning's special meeting.

Mr Christensen's pitch was to end the formal Coalition with the Liberal Party but was rebuffed by his colleagues. In keeping with Nationals' tradition, the results of the ballot were kept secret.

Inland rail 'vital'

Mr McCormack has assumed Mr Joyce's ministries of infrastructure and transport. He said he would seek to continue the government's $75 billion infrastructure package, and brushed off growing doubts over whether the $10 billion inland rail line linking Brisbane and Melbourne can deliver a return to taxpayers.

"It's a vital piece of infrastructure," he said.

"It is going to be an absolute game charger for farmers and rural and regional Australians and businesses in country areas generally.

"This is too big a project not to go ahead."

On the confidential Coalition agreement, which was the focus of Labor's question time attack, Mr McCormack said the Nationals would discuss what issues they wanted to prioritise on the party's agenda.

"We also realise that we still are in fiscal position that requires restraint and responsibility, and we will maintain that economic responsibility," he said.

While government sources expect Mr McCormack will only embark on a minimal changes to the Nationals' frontbench line up to fill his outer ministry vacancy in veterans' affairs - the last reshuffle was barely two months ago - the Deputy PM was tight-lipped on who was in line for a promotion.

"I don't want to predetermine anything. Those arrangements will be made in due course. The Prime Minister said we would be making those other ministerial announcements this week. They will only involve the National Party," he said.

Mr McCormack, a former small business minister, said the government should not abandon its company tax cut plan in the face of a hostile Senate.

If the Senate failed to pass the full package, "it would be a travesty," he said.

Mr McCormack maintained his friendship with Mr Christensen would keep the high-profile Queenslander in check, despite his frequent criticism of the government and repeated threats to cross the floor.

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