Labour leader Bill Shorten says while there were still millions of votes to be counted, it was clear he would not be able to form a government.
Morrison meets residents at a polling station during Australia’s general election in Sydney on May 18.
“I wished Scott Morrison good fortune and good courage in the service of our great nation,” said Shorten, adding he will step down as Labor leader. He urged voters not to risk a change of government just when the economy – in its 28th year of uninterrupted growth – appears to be running out of steam. Morrison must also navigate the intensifying trade war between the US, Australia’s most important ally, and China, its biggest trading partner. The government must shore up ties with Beijing, which have been strained since the coalition last year introduced laws aimed at ending Chinese interference in national affairs, and barred telecommunications giant Huawei Technologies Co from participating in its 5G network on security grounds.
The coalition has been in office since 2013 and can boast a solid economic record over its two terms. The budget is on track to return to surplus next year after more than a decade of deficits. A hiring boom saw unemployment this year fall as low as 4.9% compared with 5.7% when it took office. The Reserve Bank of Australia, which has kept the benchmark interest rate at a record low 1.5% since August 2016, is under pressure to cut again.
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