Australian Prime Minister concedes election defeat

Opposition leader Anthony Albanese will be sworn in as PM. Pic/PTI

Australia's prime minister has conceded defeat after an election that could deliver a minority government.

Prime Minister Scott Morrison acted quickly after Saturday's election despite millions of votes yet to be counted because an Australian prime minister must attended a Tokyo summit on Tuesday with U.S., Japanese and Indian leaders.

"I believe it's very important that this country has certainty. I think it's very important this country can move forward," Morrison said.

"And particularly over the course of this week with the important meetings that are being held, I think it's vitally important there's a very clear understanding about the government of this country," he added.

Opposition leader Anthony Albanese will be sworn in as prime minister after his Labor party clenched its first electoral win since 2007.

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