Australia’s opposition party concedes defeat in federal election

Turnbull’s speech came after opposition Labor leader Bill Shorten conceded defeat.

Shorten promised that his party will cooperate with the LNP as much as possible in order to give Australians a functioning parliament but added that the Labor will continue to fight for its key election policies.

However, a strong swing against it has left doubts about its agenda and Mr Turnbull’s leadership.

If that happens, Turnbull’s coalition will forge an alliance with independent and minor party lawmakers to form a minority government.

If in minority Mr Turnbull has the declared “confidence and supply” chamber support of independents Bob Katter, Cathy McGowan.

As of the latest count, the Coalition still had a confirmed 74 seats, Labor 66, the crossbench five and another five undecided.

“We’ve won the election, that’s what we’ve done”, Turnbull told the reporters in Sydney.

Mr Shorten said he expected Mr Turnbull to forge ahead with the policies the Coalition took to the election but said he should dump planned cuts to Medicare and reconsider some of his superannuation proposals.

Mr Shorten said he had already phoned the Prime Minister to congratulate him when he spoke.

Shorten, who had previously indicated he would not concede until the coalition officially won 76 seats, said he could not be prouder of Labour.

The reduced number of seats for the coalition not only reflects the rise of independents and smaller parties, but the fact that Turnbull went to the polls a mere nine months after seizing control from Abbott.

Opposition leader Bill Shorten is taunting Mr Turnbull at every opportunity and predicting a return to the polls within a year.

The prime minister has his party’s support for now, but his enemies are watching closely.

The nation’s 29th prime minister shot to prominence in the 1980s in the “Spycatcher” trial in which he successfully defended former MI5 agent Peter Wright against the British government. “I hope they run a good government”.

While final Senate results may not be known until August, anti-immigration politician Pauline Hanson is likely to hold at least three seats.

‘And I also want to thank the tens of thousands of volunteers who have worked so hard on the Labor campaign.

The Nationals party room will meet on Tuesday this week to discuss the demands they will put to Mr Turnbull under what will be a new Coalition agreement.

“Closeness breeds unity… when you’re only one point down, you all start working together”, he said.

Standard and Poor’s slashed Australia’s credit rating outlook to negative from stable last week, threatening a downgrade of its coveted triple A status, over a potential budget deadlock.

Shadow treasurer spokesman Chris Bowen was happy to nominate several measures the Opposition was willing to back to achieve budget savings – all his own.

“Australians are entitled to know what deals are being done to constitute the government of Australia”.

Australia’s constitution allows for an early election to be called when the Senate twice blocks a piece of legislation that has been passed by the lower house, the House of Representatives.