Source: Agencies10 Jul 2016 20:51:43

Canberra, July 10: Present Prime Minister Malcolm Turnbull has declared victory on Sunday, after the leader of the opposition Labor Party conceded defeat. Australians usually know who their next leader will be on the night of their vote, but the July 2 poll was too close to call, triggering a complicated system of centralized vote counting that still hasn't technically finished.
The counting of votes has cleared that now again Malcolm Turnbull and his party are ahead of the oppositions as the have got 74 seats of 150 seats of assembly. To win elections 76 seats are necessary, showing the ruling conservative Liberal Party, which always runs in coalition with the rural-based Nationals, had secured the 76 seats of parliament needed to govern in their own right. The opposition Australian Labor Party won 69 seats, and the remaining five went to smaller parties or independent candidates.

“We have won the election,” Mr. Turnbull, the leader of the Liberal Party-led conservative coalition, said at a news conference on Sunday. “It is clear Mr. Turnbull and his coalition will form a government,” Bill Shorten, the Labor Party leader, said at a news conference on Sunday afternoon. “I hope they run a good government.” Shorten said he had spoken to Turnbull and offered his congratulations, and thanked the Australian people, saying they had "vindicated our system of democracy."

Embeded ObjectIn recent years Australian politics has been rocked by incessant infighting in both parties, which have resulted in frequent leadership changes. Labor regained power in 2007, electing Kevin Rudd the country's prime minister after 11 years of conservative rule. He was ousted by Julia Gillard, who went on to win the election to remain prime minister, only to be deposed by Rudd, who lost to the conservatives. Australia voted in the Liberal Party's Tony Abbott in 2013, who was beaten in a leadership challenge by Turnbull just two years later as his popularity plunged.

The country's economy is dependent on its exports of extractive resources, such as coal, and has been hit hard by the economic slowdown in China, forcing Australians to do some soul-searching about what else their country has to offer.