New England MP Barnaby Joyce took over the National party leadership in a meeting late on Thursday night, after outgoing leader Warren Truss announced he would retire at the next election.

Mr Coulton threw his hat in the ring for the deputy leader's role, alongside six other contenders, but was beaten by Rural Health Minister and Senator for NSW Fiona Nash.

Despite missing out on the position, Mr Coulton was happy with the party's new leadership team.

"I think it was a good sign that there was such a large such a large number of people wanting to be deputy - it means people are excited about what's happening," he said.

"Fiona [Nash] has been in Parliament now for over 10 years and she has been in the ministry now for this first term of this government as assistant health minister.

"She has got quite a high profile with her work on the taskforce and I believe that she will do a good job."

A cabinet reshuffle is expected to take place over the weekend, with Mr Truss's announcement coinciding with the loss of Trade Minister Andrew Robb to retirement.

Former ministers Jamie Briggs, Mal Brough and Stuart Robert will also need to be replaced after resigning from cabinet over a range of scandals in recent months.

Mr Coulton said he would gladly accept a ministry if it was offered.

"It's not a matter of looking for a ministry but Barnaby will be meeting with Malcolm Turnbull [and] we should know next week what the front bench will look like," Mr Coulton said.

"I don't have great expectations but if I am asked to do something I will be keen to accept."

Mr Coulton said the party could now go on with addressing the issues important to regional Australians.

"Obviously things that are key to people in country areas: access to tertiary education for country kids, suitable aged care and health care, telecommications and making sure we continue the rollout of the mobile black-spot top program, making sure the nbn rollout is as it should be," Mr Coulton said.

"Getting to a point with the Murray-Darling Basin Plan so we can get a real balance with that between communities, agriculture and the environment...and some of the issues in the Ag White Paper."

The National Farmers' Federation (NFF) welcomed Mr Joyce's ascension to the leadership.

"We...are heartened by the fact someone with strong ties to the agricultural sector and an awareness of current rural issues has replaced Mr Truss...in the role of Deputy Prime Minister," NFF president Brett Finlay said.

"We now look to Prime Minister, Malcolm Turnbull, to ensure that within any cabinet reshuffle the portfolios critical to the rural industry including Trade and Investment, Agriculture and Infrastructure and Regional Development, are assigned to MPs who have a strong awareness and understanding of the sector."