Australian PM concedes defeat in federal elections

Canberra, May 21 Australian Prime Minister Scott Morrison has conceded defeat in the country's federal elections held on Saturday.

He said in a speech that he has spoken to opposition leader Anthony Albanese and congratulated him on his victory, Xinhua news agency reported.

The Australian Broadcasting Corporation on Saturday projected that Labor will form government for the first time since 2013, with Albanese set to become the country's 31st Prime Minister.

The results mark an end to the coalition's nearly nine-year hold on power and Morrison's tenure as Prime Minister.

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