Anthony Albanese has claimed victory in the 2025 federal election, as Labor is set to govern for a second term with a bigger majority.
Albanese told supporters in Sydney that serving as prime minister was the greatest honour of his life.
"It is with a deep sense of humility and a profound sense of responsibility that the first thing that I do tonight is to say 'thank you' to the people of Australia for the chance to continue to serve the best nation on Earth," he said.
"Today, the Australian people have voted for Australian values: for fairness, aspiration and opportunity for all.
"Australians have voted for a future that holds true to these values, a future built on everything that brings us together."
Labor will govern in its own right with expanded numbers in parliament after swings to the government across several states.
Among the gains for Labor was Opposition Leader Peter Dutton's seat of Dickson in Queensland.
Dutton lost to Labor's Ali France, marking the first time an opposition leader has lost their seat in a federal election.
Australian Liberal Party leader Peter Dutton, third left, stands with his family as he makes his concession speech following the general election in Brisbane. Source: AP / Pat Hoelscher/AP
"We didn't do well enough during this campaign, that much is obvious tonight," he said.
"I've always wanted in public life for the best for our country and the best for every Australian.
"It's an historic occasion for the Labor Party, and we recognise that."
Among the policies announced by Albanese were letting first-time buyers enter the property market with a 5 per cent down payment, while pledging to spend $10 billion to build up to 100,000 new homes.
He also pledged $8.5 billion for an extra 18 million subsidised general practitioner visits each year as part of strengthening Medicare.
Labor also committed $2.3 billion to subsidise household batteries to store solar power, while also pledging to crack down on price gouging by supermarkets.