Liberal-National Party coalition won the general elections as it is all set to return to power in Australia for the first time in six years.
The six years of the Labor Party´s rule ended in the country as Prime Minister Kevin Rudd conceded defeat.
Rudd said he will not re-contest the leadership of the Labor Party.
´´For me that time is now. So I will not be recontesting the leadership of the parliamentary Labor Party," Rudd said.
He said Australian people ´deserves a fresh start´.
Tony Abbott, who heads a Liberal Party-led coalition, said Australia is under a new management ´from today´.
He is set to become the new Prime Minister of the country.