Tony Abbott has declared Australia is "once more open for business" in claiming victory in Saturday's election.
He acknowledged the service to the country of outgoing Prime Minister Kevin Rudd, following the Labor leader's concession speech.
"I now look forward to forming a government that is competent, that is trustworthy, and which purposely and steadfastly and methodically set about delivering on our commitments," he told a packed crowd at the Four Seasons Hotel in Sydney.
"The Coalition has won 13 seats clearly with 10 seats still in play," he added. "And I can inform you that the Labor Party's primary vote is at the lowest in 100 years."
The new Prime Minister-elect briefly outlined his vision for Australia.
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"In a week or so the Governor General will swear in a new government... a government of no surprises and no excuses," he said.
"In three years' time the carbon tax will be gone, the boats will be stopped, the budget will be on track for a reasonable surplus."
