Malcolm Turnbull has all but ruled out returning deposed former prime minister Tony Abbott to the cabinet as part of a reshuffle, citing “the need for renewal”.

The prime minister said “unless people move on, you can’t bring new people in. Unless some of the men retire, or leave the ministry, you can’t bring the women in”.

“And any dynamic leadership group – whether in government or in the corporate sector – has to have renewal.”

In response to questions about a possible Abbott return, Turnbull asked journalists to “contemplate” recently retired Westpac CEO Gail Kelly’s example, saying she could have headed Westpac “for another decade at least” but instead retired.

“She chose to retire and of course that meant that Westpac could renew its leadership team,” she said.

Turnbull’s ministry lost two people on Tuesday when cities minister Jamie Briggs resigned over an incident in a Hong Kong bar and special minister of state Mal Brough stood aside pending an Australian federal police investigation, leaving the possibility open of a reshuffle.

Liberal senator Eric Abetz called for Abbott to be returned to the cabinet in a potential reshuffle, saying it would be a “a welcome move”.

“I think the Australian people would welcome that, just as much as when other leaders have been deposed they have been, if you like, rehabilitated into cabinets or shadow cabinets,” he told the ABC on Wednesday morning.

But on Wednesday afternoon Turnbull listed his most important criteria as “ability and talent”, also citing the well-worn “broad church” description of the Coalition and the “talent in the ranks of junior ministers, parliamentary secretaries and on the backbench”.

“We’ve got more talent than we can get into the ministry,” Turnbull said. “My faith in the future is bringing that new talent forward.”

Turnbull said of Briggs that “his conduct did not live up to the standard required of ministers” and was “a serious matter. It was considered very carefully, with due process, consultation with senior colleagues.”

He dismissed Labor’s criticism that the Briggs resignation was deliberately timed for a quiet period. “The announcement about Mr Briggs was made on the first business day after Christmas,” he said.