Anthony Albanese has won the federal election to become Australia's next prime minister replacing Scott Morrison who had held the country's top job since 2018.
ABC's Antony Green called the result after it became clear the Coalition could not win enough seats to form government.
At 9.30pm (AEST) Green projected Labor would take at least 71 seats, chasing 76 seats to form a majority government.
Mr Albanese addressed his supporters just after 11.30pm, dubbing his victory an "extraordinary honour".
"Tonight the Australian people have voted for change. I am humbled by this victory and I'm honoured to be given the opportunity to serve as the 31st Prime Minister," he said.
Just before 11pm, Mr Morrison told his supporters he had called Mr Albanese to congratulate him on his election victory, and announced he would be stepping down as the Coalition leader.
"I congratulate Anthony Albanese and the Labor Party and I wish him and his government all the very best," he said.
"Now there are many votes still to count, that is true. There are many pre-polls and postals that will still come in. But I believe it's very important that this country has certainty.
"I will be handing over the leadership at the next party room meeting to ensure the party can be taken forward under new leadership, which is the appropriate thing to do," he said.
Mr Albanese wished Mr Morrison well and thanked him for the service he had given to our country as prime minister.
The Labor leader vowed to unite the nation with shared love of the country, faith in Australia's future, our shared values of fairness and opportunity, and hard work and kindness to those in need.
Liberals suffer major wipeout
The Coalition has taken a big hit in Victoria and Western Australia with one of the victims being incumbent treasurer Josh Frydenberg who took the stage in his Melbourne seat of Kooyong to tell his supporters it would be 'difficult' to hold the seat which looks set to go to independent Monique Ryan.
Moderate Liberals have suffered major early swings in damaging signs for the faction, while some of the party's ministers face losing seats to independents.
In the Melbourne seat of Goldstein, independent Zoe Daniel claimed victory over Liberal incumbent Tim Wilson.
In North Sydney, moderate Liberal Trent Zimmerman is facing a 14 per cent swing against him.
In Sydney, Fiona Martin in Reid and Jason Falinski in Mackellar, plus Katie Allen in Melbourne's Higgins have all had their seats called against them by the ABC.
Mr Albanese will become only the fourth Labor leader to win government from opposition since World War II.
Polls leading up to the election had consistently indicated Labor was on track to reclaim government after nine years in opposition.
At the last election, then Labor leader Bill Shorten suffered a shock election loss after being ahead in nearly every published opinion poll.
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