Kim Beazley has conceded defeat in the Australian federal election, and resigned as leader of the Labor Party.
Mr Beazley, aged 52, led an unsuccessful campaign as opposition leader to wrest power from the Liberal-National coalition of John Howard.
The coalition was poised early this morning to become a majority government,
with predictions that it would win 76 of the 150 seats in the Australian lower house. It will be Mr Howard's third term as Prime Minister.
With more than 75 per cent of votes counted, Mr Beazley told supporters: "We have lost this election, there is no doubt about that."
He said the Labor Party had fought a magnificent campaign in adverse cicumstances. He would step down as party leader, to become a back bench MP.
"I bow out of Labor Party history now, in gratitude to all of you."
