Australia: Scott Morrison to form govt after miraculous victory

Australian Labor leader concedes election defeat to incumbent PM

Australian Labor leader concedes election defeat to incumbent PM

Final counts of marginal seats are still showing major support for the coalition on a two-party preferred basis, with the government looking to win 75 to 76 seats and govern in their own right.

Channeling his inner faith, Australia's prime minister said it was a "miracle". Morrison had become Australia's sixth prime minister in only eight years.

In his victory speech, the continuing Prime Minister said that "Tonight is not about me, it's not even about the Liberal Party". Analysts has predicted that the coalition would pay dearly for this latest leadership switch, with Morrison expected to exit after one of the shortest terms as prime minister in Australian history.

Bill Shorten campaigning with Labor candidate for Chisholm Jennifer Yang. One of them was the strong and effusive campaigning of Morrison himself, praised by his treasurer, Josh Frydenberg, for having "crisscrossed the country with great energy, belief and conviction" while selling "our economic plan to the Australian people, a plan that resonated with them".

Shorten, who has campaigned heavily on reducing greenhouse gas emissions, said Saturday morning that he was confident Labor would win, but Morrison would not be drawn on a prediction.

Deputy Labor leader Tanya Plibersek ruled herself out of the running on Monday saying now was not her time.

Scotland vs Sri Lanka - 1st One-Day International Preview & Prediction
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Commentators have pointed to a "presidential-style" campaign from Australia's prime minister and compared it to the 2016 U.S. election.

Meanwhile his guest, ABC presenter Patricia Karvelas described Labor's policy agenda as an incoherent "shopping list".

The result sent Australian banking, property and health-related stocks to an 11-year high on Monday as investors cheered.

The updated prediction from the ABC follows Independent Kerryn Phelps conceding defeat in the blue ribbon Sydney seat formerly occupied by ousted PM Malcolm Turnbull.

A tired Shorten, however, who had been widely tipped to win, had to concede in an emotional late-night speech.

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