Opposition Leader Tony Abbott has claimed victory for the Coalition in the 2013 Federal Election, defeating Prime Minister Kevin Rudd and ending six years of Labor Government.
"The government of Australia has changed," Mr Abbott told joyful supporters at the Four Seasons hotel in Sydney.
Mr Abbott declared that the nation was "once more open for business".
He acknowledged the service to the country of Mr Rudd.
"I now look forward to forming a government that is competent, that is trustworthy," Mr Abbott said.
Liberal supporters cheered Mr Abbott as he spelled out the Coalition's election win over Labor.
"For just the seventh time in 60 years the government of Australia has changed."
The Coalition had won 13 seats clearly with 10 seats still in play, Mr Abbott said.
"And I can inform you that the Australian Labor Party vote is at the lowest level in more than 100 years," he said.
He confirmed Mr Rudd had called him to concede defeat.
"He has been the prime minister of this country not once but twice so I acknowledge his service to the nation of Australia," he said.
Earlier, a smiling Mr Rudd had made his concession speech before a cheering crowd of supporters in Brisbane.
"As prime minister of Australia I wish him well now in the high office as prime minister of this country," Mr Rudd said.
He also wished Mr Abbott, his wife Margie and entire family, all the best in the "high strain" lifestyle that accompanies the leader of the country.
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