Australia is in political turmoil today after big swings against Labor destroyed the party's House of Representatives majority with inconclusive election results after polling ended last night.
Tony Abbott said he "stands ready to govern" and has warned Julia Gillard that Labor has "lost all legitimacy" after the inconclusive election delivered what seems certain to be Australia's first hung parliament since World War II.
Gillard has vowed to fight to hang on to power in a possible minority government after Labor MPs were swept aside by swings of more than 9 per cent against them in former prime minister Kevin Rudd's home state of Queensland, and of more than 6 per cent in New South Wales.
In a muted address to the Labor faithful at the Melbourne Convention Centre, Ms Gillard warned of "anxious days" ahead and echoed the words of former US president Bill Clinton to sum up the state of play.
ABC analysis now tips the Coalition to have 73 seats in the House of Representatives, with Labor on 72, four independents, and one Green.
While Abbott vowed to respect the caretaker conventions which will be in play until the final results are known, he said more Australians had voted for the Coalition parties than for Labor and called for "measured reflection at the magnitude of the task ahead".
Story by: Roneel Lal
Australia election on knife edge
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