The man who lost out when Labor last had a leadership ballot is set to have another crack after Bill Shorten stepped down in the wake of unexpectedly losing Saturday's federal election.
Labor stalwart Anthony Albanese threw his hat into the ring for the leadership on Sunday after describing the election outcome as a "devastating result" for the Australian Labor Party.
"I am today announcing that I will be a candidate for the leader of the federal parliamentary Labor party," Mr Albanese told reporters in Sydney.
"I believe I am the best person to lead Labor back into government."
A Labor national executive meeting will be held on Monday to start the process to elect a new leader, with Mr Shorten interim Labor leader while the ballot is conducted.
Deputy Labor Leader Tanya Plibersek is also considering a run.
"I'm certainly considering it ... I'll talk to my colleagues today," Ms Plibersek told the ABC's Insiders program on Sunday.
"My determination is to ensure that we're in the best place to win in three years' time, that we continue the discipline and the unity that we've shown in the last six years, and that we continue to offer Australians real options."
Vote counting will continue, but Labor conceded on Saturday night it will not be able to form government.
Mr Shorten said while he will remain in the parliament he would step down as the leader after holding the position since the 2013 federal election.
Mr Albanese called for Labor to work more closely with business and ensure it better connects with people who are not union members.
As well, the party needed to give grassroots members more direct say in elections for public office and internal positions.
Shadow treasurer Chris Bowen is seen as another potential leadership contender, but was unwilling to give much away when he appeared on a television election panel on Saturday night.
"All of us need to reflect on our roles in rebuilding the Labor Party," Mr Bowen said.
"For some of us that will be running for leader. For some of us it won't be. We all have to, you know, just take a bit of time to think it through."
