There are already murmurs about who could be the new Opposition leader after the LNP’s shock election win.
Labor Party Leader Bill Shorten conceded defeat on Saturday night to the Coalition, adding he would step down as leader.
But he confirmed he would remain in parliament as the member for Maribyrnong.
Deputy Labor Leader Tanya Plibersek is being touted as a possible replacement for Mr Shorten and has expressed interest in the job.
"I'm certainly considering it ... I'll talk to my colleagues today," Ms Plibersek told the ABC's Insiders program on Sunday.
"My determination is to ensure that we're in the best place to win in three years' time, that we continue the discipline and the unity that we've shown in the last six years, and that we continue to offer Australians real options."
Another potential leader for the ALP moving forward is Anthony Albanese. Mr Albanese announced on Sunday he would nominate.
“I have a responsibility to put myself forward,” he told reporters.
Mr Albanese added: “What you see is what you get with me, for better or worse.”
Sky News presenter Laura Jayes said Mr Albanese was a “rock star candidate”.
“We saw it at the Labor campaign launch – one of the biggest cheers was for him,” she told Sky News on Sunday morning.
Shadow Treasurer Chris Bowen is also under consideration along with Jim Chalmers, according to ABC political reporter Jane Norman.
Mr Chalmers, the member for Rankin, is one of five Labor Party members to retain a seat in Queensland.
Mr Bowen is yet to signal his intention of going for leadership and will speak with his family before deciding whether to throw his hat in the ring, The Canberra Times reported.
However, News Corp reports Mr Bowen is unlikely to continue as Shadow Treasurer. Labor’s economic policies are being blamed as one of the reasons for its defeat at the election.
Another suggestion is Richard Marles. Mr Marles was the Minister for Trade under the Kevin Rudd-led government in 2013 and has been in office since 2007.
However, Mr Marles wouldn’t comment on whether he was interested in leadership when asked by Sky News on Saturday night.
How Labor selects its leaders
After Labor's leadership debacle when it was last in power under Kevin Rudd and Julia Gillard, the party set a new set of rules when choosing a leader.
One is that a leader has to have the support of the party room and also party members.
Nominations will open at a party room meeting, the caucus, and will remain open for a week.
If there is only one nomination there will be no ballot. Nominees need to have 20 per cent of the caucus to receive a nomination.
If there are two or more nominations there is a ballot of both the parliamentary party and grassroots members. The ballot is open to all financial members of the party, with no restrictions on time served.
Each of the two voting blocs is weighted equally in determining the winner. That is, 50 per cent each.
In 2013, Mr Albanese won the grassroots vote but didn't get enough caucus votes and Mr Shorten won.
The organisational ballot remains open for 20 days and during this period nominees can campaign and debate each other.
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