No one else challenged Ms Gillard for the leadership at the spill.
Treasurer Wayne Swan remains as deputy prime minister after Simon Crean withdrew his nomination.
Former Australian prime minister Kevin Rudd ruled out a challenge to incumbent Julia Gillard in a vote for the leadership of the Labor Party today.
Rudd, who was rolled by Gillard in 2010, said he gave his word a year ago that he would not challenge again, and that he would only return to the leadership if drafted with the overwhelming support of the Labor Party. But he said those circumstances did not exist at present.
Prime Minister Julia Gillard has called a caucus meeting for 4.30pm (local time), to allow a ballot for the leadership positions.
Ms Gillard made the announcement at the start of question time in the lower house today - the last parliamentary sitting day before the May 14 budget.
"For the information of the house, I have determined there will be a ballot for the leadership and the deputy leadership of the Labor party at 4.30pm today.
Looking across the chamber at the Leader of the Opposition Tony Abbott, she said: "In the meantime, take your best shot."
The decision to hold the ballot comes after senior Labor MP Simon Crean urged Ms Gillard to call a leadership spill.
Mr Crean plans to stand for deputy leader.
He said he would back Kevin Rudd.
Mr Crean said something had to be done to address ongoing leadership speculation surrounding the government "once and for all".
Mr Rudd is also in question time.
Mr Abbott called for a motion of no confidence in Ms Gillard 10 minutes into question time.
Mr Abbott's first question to Ms Gillard asked if she agreed with Mr Crean that the government was in deadlock, and incapable of discharging its duty to the Australian people.
"I most certainly do not, and the suggestion is absurd," she told the house.
Ms Gillard said Mr Abbott knew that she and he had been engaged in bipartisan and important business for the Australian nation earlier today.
She was referring to their attendance at the national apology to victims of past forced adoption practices in Parliament House.
"He should also be aware that during the course of this parliamentary week - even whilst all eyes have been on the media debate - we have continued to govern and govern in the interest of the nation by pursuing the legislation for the National Disability Insurance Scheme," she said.
Ms Gillard said more than 70,000 jobs were created in the February, bringing to more than 900,000 the number of jobs created since Labor came to office in 200.
"We are well on our way to creating a million jobs," she said.
Mr Abbott then called for a suspension of standing orders in parliament to debate a motion of no confidence in Ms Gillard.
"(This is) an incompetent and chaotic government which just gets worse and worse with each passing day, let alone each passing day," he said.
At one stage, Mr Abbott pointed to Ms Gillard across the dispatch boxes and said: "You should go."
Earlier, Mr Crean said he was convinced Mr Rudd, who has previously be criticised as being a too controlling prime minister, was changed.
"It was important in arriving at this decision that I was convinced that he was going to be what I've referred to on other occasions as a changed (man), or if you like, a more disciplined asset," he said.
"I'm satisfied with the responses that I've had."
Asked if Ms Gillard could win the election, Mr Crean said: "The Labor party can win the election."
Ms Gillard listed the government's achievements in office, including growing the economy and bringing Australia through the global financial crisis.
"We've always understood that our nation faces a huge challenge, with instability in the global economy and reshaping of our economy through the high Australian dollar," she said.
"Day after day, piece after piece we have met that challenge to create jobs for Australians - more than 900,000 of them - and we will continue to create jobs."
Ms Gillard said her government wasn't done yet.
"We have got more to do," she said.
