Australia’s opposition has crushed the governing Labor party in a general election that has returned the Liberal-National coalition to power for the first time in six years. Early projections show Labor winning 55 seats compared with the coalition’s 91. Liberal leader Tony Abbott said he looked forward to forming a competent and trustworthy government. Prime Minister Kevin Rudd earlier admitted defeat and said he would not stand again for the Labor leadership. The main election issues were the economy, reducing the number of asylum seekers arriving by boat, and a tax on carbon emissions. Mr Rudd called the election after defeating Julia Gillard in a leadership challenge in June, amid dismal polling figures that showed Labor on course for a wipe-out. Under Mr Rudd, Labor initially saw its figures improve. But Mr Abbott, who enjoyed the strident support of Rupert Murdoch’s newspapers, then widened the gap again. “From today I declare Australia is under new management and Australia is now open for business”, Mr Abbott told a cheering crowd as he delivered a victory speech. He said that he would put the budget back into surplus, and boats bringing migrants from Asia would stop. He added that support for Labor was at its lowest ebb for 100 years, and said the results showed that the Australia people would punish anyone who took them for granted. Mr Rudd said he had phoned Mr Abbott and wished him well. “I gave it my all but it was not enough for us to win,” he said. But he was pleased that Labor was preserved as a “viable fighting force for the future”. Mr Rudd retained his seat in the Brisbane constituency of Griffith but said he would not re-contest the Labor party leadership because the Australian people “deserve a fresh start”. “I know that Labor hearts are heavy across the nation tonight. As your Labor leader I accept it as my responsibility,” he said. Source BBC.