Australia: Labor's Bill Shorten concedes defeat

Labor leader Bill Shorten has conceded defeat in the Australian general election to incumbent Prime Minister and Liberal leader Malcolm Turnbull.

In a speech Sunday, Shorten said "it's been the longest election in 50 years ... but whilst counting has not concluded in a number of very close seats, it's clear that Mr Turnbull and his coalition will form a government."

He said it was unclear whether that will be "a minority government, or a majority government of one or two seats."

Shorten said he had spoken to Turnbull and offered his congratulations. He thanked the Australian people and said they had "vindicated our system of democracy."

He said "where there is common ground," Labor would work together with the coalition.

From limbo to Liberals

Australia had been left in limbo following the July 2 vote, which showed no clear majority and seemed to indicate the country was headed for a hung parliament.

Following the counting of more than a million postal votes, the center-right Coalition -- the biggest parties of which are Shorten's Liberal Party, and the rural-based National Party -- pulled ahead in the total.

According to ABC News Australia's count, the Coalition has won 74 seats and Labor 66, with five still undecided.

News Courtesy: www.cnn.com