Australian election victory:Anthony Albanese vows unity after Labor seizes power
Mr Albanese told jubilant supporters that Australians had "voted for change". However, it is still unclear whether he can secure a majority.
The centre-left leader vowed to bring people together, invest in social services and "end the climate wars".
Mr Morrison thanked the "miracle of the Australian people" after conceding.
In the election's most excellent twist, support surged for Greens and independent candidates running on climate platforms.
They could wield more extraordinary influence if Labor fails to secure 76 lower house seats to govern in its own right. Late on Saturday, it had 72 seats to the Coalition's 55, the ABC projected
Mr Albanese said it was an "extraordinary honour" to lead the country after he emerged to rapturous applause at Labor's victory party in Sydney.
"My Labor team will work every day to bring Australians together. And I will lead a government worthy of the people of Australia," he said.
Mr Albanese, 59, began by acknowledging Aboriginal and Torres Strait Islander Australians, reiterating his commitment to hold a referendum on a Voice to Parliament - an Indigenous advisory body - during his three-year term.
He went on to refer to his own humble beginnings as the "son of a single mum who was a disability pensioner, who grew up in public housing".
He also thanked Mr Morrison for his service as prime minister, saying he had "very graciously wished me well".
After his speech, Mr Albanese told he strongly supported the Aukus defence alliance with the US and UK, and hoped to be a world leader on climate action.
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