Bill Shorten stands down as Labor leader after election defeat

After suffering a loss that no-one predicted, Bill Shorten has stood down as Labor leader.

Bill Shorten has conceded defeat and called on Labor’s supporters to respect the election result, revealing he is standing down as leader of the party in the wake of its defeat.

“I know that you’re all hurting. And I am too,” he told supporters in Melbourne just after 11:30pm.

“It is obvious that Labor will not be able to form the next government. And so, in the national interest, a short time ago I called Scott Morrison to congratulate him.

“I wish Jenny and their daughters all the very best, and above all, I wish Scott Morrison good fortune and good courage in the service of our great nation.

“Now that the contest is over, all of us have a responsibility to respect the result, respect the wishes of the Australian people and to bring our nation together.

“However, that task will be one for the next leader of the Labor Party, because while I intend to continue to serve as the member for Maribyrnong, I will not be a candidate in the next leadership ballot.”

Bill Shorten concedes defeat. Picture Kym Smith

Sky News political editor David Speers reports Anthony Albanese will run as a candidate in that ballot.

Mr Shorten said he wished he could have won for the Australian people, Labor’s true believers, the trade union movement, and particularly for Bob Hawke, who died on Thursday night.

“It was not to be. Labor’s next victory will belong to our next leader, and I’m confident that victory will come at the next election,” he said.

“Friends, I’m disappointed by tonight’s results. But I am not disappointed for me. I’ll always be proud of the courage and the integrity and the vision that our team showed.

“I leave the stage tonight, but I encourage all Australians, particularly young Australians, never lose faith in the power of individuals to make a difference. Never give up. Never give up aiming for better.”