Kevin Rudd is set to once again be Australia's Prime Minister after he defeated Julia Gillard for the leadership of the federal parliamentary Labor Party.
Mr Rudd won a party-room ballot by a margin of 57-45. Anthony Albanese has been elected deputy leader after facing off with Labor elder and Rudd backer Simon Crean.
The ballot was the culmination of a three-year internal war within the Labor party, after Ms Gillard toppled Mr Rudd for the leadership in June 2010.
It was Mr Rudd's third attempt to re-take the top job, after an unsuccessful coup in February 2012 and an aborted leadership tilt in March this year.
GILLARD CONCEDES DEFEAT
Julia Gillard was stoic as she addressed the media following her defeat, and declared she would remain true to her word and resign from politics.
"I announce that I will not re-contest the federal electorate of Lalor in the forthcoming electorate," she said.
Ms Gillard listed the carbon tax, the Royal Commission into child sexual assault in institutional settings, and Australia's strengthened foreign ties as her greatest achievements.
She congratulated Kevin Rudd and thanked her Labor colleagues for their support throughout her leadership.
"I understand that at the caucus meeting today the pressure finally got too great for many of my colleagues, I respect that and I respect the decisions they made," she said.
"I have had loyal and capable colleagues and I want to thank them for their dedication and determination."
Gillard urged the Labor party to continue to victory in the forthcoming election.
"I also say to my colleagues that will best be done by us putting the division of the past behind us and uniting as a political party, making sure we put our best face forward in the forthcoming election campaign and in the years to come."
"Don't lack the guts, don't lack the fortitude, don't lack the resilience to go out there with labor agenda & win this election."
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