Australia's state broadcaster has called a clear win for Tony Abbott over Prime Minister Kevin Rudd in the national polls.
The Australian Broadcasting Corporation (ABC) said the British-born opposition leader's Liberal Party-led coalition had ended six years of centre-left Labor rule on Saturday.
With 54% of the vote counted, the Australian Electoral Commission had Mr Abbott's party leading in 76 seats in the 150-seat House of Representatives and Labor in 55.
Abbott and Rudd on election posters in SydneyA majority of 76 is needed to form government once all the votes have been tallied.
ABC election analyst Antony Green said: "The coalition is on a pretty secure 74 seats already. On that basis they're going to get a majority. I think we can say the government has been defeated."
Sky News Australia conducted an exit poll predicting the Liberal Party would secure 97 seats and Labour would drop to just 51.
Voters cast their ballot in SydneyDefence Minister Stephen Smith told ABC: "The government will be defeated tonight.
"Pessimistically, I'm looking at a result which will be a 1996-type result, a heavy defeat for the government," he added, referring to the election which brought Liberal leader John Howard to power.
Health Minister Tanya Plibersek also admitted Labor had lost.
Mr Abbott casting his vote with his family beside himShe said: "The clear take-out from this definitely is that disunity is death and we are not disciplined enough. I don't think the division or the pain was justified at any stage."
Labor has been marred by relentless infighting - which saw Mr Rudd oust Australia's first female prime minister Julia Gillard in June - leaving the public frustrated and disillusioned.
Former Labor prime minister Bob Hawke said personality politics had been allowed to overtake the party's message and policies.
He told Sky: "The personal manipulations and pursuits of interest have dominated more than they should and in the process the concentration on values has slipped.
"I really believe this was an election that was lost by the government rather than one that was won by the opposition."
Former Prime Minister Julia GillardEarly poll numbers suggested big swings against the government in the key states of New South Wales and Queensland after more than 14.7 million electors took part in the mandatory ballot across the country.
During the five-week campaign, Mr Abbott gradually overtook once-popular Mr Rudd.
The growing number of asylum seekers has been a major theme in the election. Labor promised that every bona fide refugee who attempts to reach Australia by boat would be settled on Papua New Guinea or Nauru.
The Liberals promised new policies requiring the navy to turn asylum seeker boats back to Indonesia, where they launch, and the government to buy back ageing fishing boats from Indonesian villagers to prevent them falling into the hands of people smugglers.
Mr Abbott has also vowed to scrap a controversial carbon tax and instead introduce taxpayer-funded incentives for polluters to operate cleaner.
Mr Abbot was born in London and moved with his parents to Sydney at the age of two. Later, he returned to England to study at Oxford University as a Rhodes Scholar.
Mr Abbott has been in Parliament for almost two decades, and for a time was health minister.
He trained briefly as a priest, is a fitness fanatic famous for wearing tight swimming trunks and also volunteers for Australia's Rural Fire Service.
Deeply religious, some of his more conservative views on issues such as abortion and gay marriage have not pleased some.
Questions have also been asked about his attitude towards women with Ms Gillard famously labelling him a misogynist in a heart-felt speech in Parliament.
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