Kevin Rudd: 'Labor hearts are heavy tonight'

Australia's Prime Minister Kevin Rudd has conceded defeat to the conservative opposition in national election.

He said: "As your PM and as your parliamentary leader of the great Australian Labor Party I accept responsibility. I gave it my all but it was not enough for us to win."

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Abbott wins Australia election

Tony Abbott has said he is looking forward to forming a "trustworthy and "competent" government after his Liberal-National coalition swept to victory in Australia's election. Earlier, Prime Minister Kevin Rudd conceded defeat to his supporters.