Canberra [Australia], May 21 (ANI): Australian Opposition leader Anthony Albanese is set to become the country's prime minister as Scott Morrison admitted defeat in national elections on Saturday.

Speaking to his supporters, Morrisson said: "Tonight I have spoken to the leader of the opposition and the incoming Prime Minister, Anthony Albanese, and I have congratulated him on his election victory."

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Morrison also said he would stand down as leader of the Liberal party, Sky News reported.

"I've always believed in Australians and their judgment, and I've always been prepared to accept their verdict," he was citied as saying by CNN.

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The Australian Broadcasting Corporation on Saturday night projected Labor will form a government for the first time since 2013, with Anthony Albanese to become the country's 31st Prime Minister.

The result marks an end to the coalition's nearly-nine-year hold on power and Morrison's tenure as Prime Minister. Morrison became prime minister in 2018. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)