Kevin Rudd, leader of the Australian Labor Party, has conceded defeat.
Moments ago, he called leader of the Liberal Party Tony Abbott, and conceded defeat, and welcomed Mr Abbott as the new prime minister of Australia.
In his speech, Mr Rudd says he “gave it [his] all” but it wasn’t enough in the end.
Mr Rudd, at this stage, looks set to retaining his seat in Queensland, Griffith. In closing he added that he will stand down as the leader of the opposition.
