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For my overseas viewers who don’t get Australian politics (not that I do really), the Labour party is our centre-left party and the Coalition (Liberal/National) is our slightly centre-right party. One spends the money, the other saves it. Let’s see what will come of it.

Election Night live: Coalition wins government as Labor swept from power

Updated 36 minutes ago

Tony Abbott will be Australia’s next prime minister, with voters delivering a decisive defeat to Labor to end the party’s six years in power.

The ALP is being swept from power with a primary vote swing against it of around 4.5 per cent, although Kevin Rudd and other senior figures will keep their seats and the voter rebellion in Western Sydney appears to not be as bad as the party had feared.

In one of the shocks of the night, Clive Palmer is on course to become the MP for the Sunshine Coast seat of Fairfax after his party grabbed more than 11 per cent of the vote in Queensland.

And while the Coalition will have a large majority in the House of Representatives, the battle for the Senate remains up in the air.