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Tony Abbott sweeps into power in Australian elections

Liberal National coalition leader Tony Abbott started his new day as Australia's prime minister elect just like any other -- riding his bike near his Forestville home. (UPSOT) Abbot swept into office on Saturday curshing the governing Labor party in a federal election that ended six year's of Labor power. His coalition won 88 seats to Labor's 57 in the 150 seat parliament. (SOUNDBITE) (English) INCOMING PRIME MINISTER, TONY ABBOTT, SAYING: "I now look forward to forming a government that is competent, that is trustworthy and which purposefully and steadfastly and methodically sets about delivering on our commitments to you, the Australian people." Outgoing Prime Minister Kevin Rudd admitted defeat and said he would not stand again for the Labor leadership. (SOUNDBITE) (English) AUSTRALIAN PRIME MINISTER, KEVIN RUDD, SAYING: "Geez, I thought we'd lost. (Crowd laughing)".. "I know that Labor hearts are heavy across the nation tonight

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