Australian Prime Minister John Howard has conceded defeat after Saturday’s national election delivered a landslide victory to the Australian Labor Party.

With 75.6 percent of the votes counted, the ALP has so far claimed 83 seats across the country, safely exceeding the 76 seats (out of 150)  required to win the election and form government. Mr Howard’s Liberal Party/National Party coalition government has so far claimed 58 seats.

Australia’s new prime minister, Labor leader Kevin Rudd, will officially step into the top job early next week.

Mr Howard also admitted that he is “very likely” to lose his seat in his electorate of Bennelong. This would be only the second time in Australian history that a sitting prime minister has been ousted from his own constituency in a national election.

“This is a great democracy and I want to wish Mr Rudd well,” Mr Howard told a crowd of supporters in Sydney. “There is no prouder job in the world that anyone can occupy than being prime minister of this country.”

Mr Rudd’s victory heralds an even greater degree of global isolation for US President George Bush. Mr Rudd has vowed to withdraw Australian combat troops from Iraq and sign the Kyoto Protocol to place mandatory limits on greenhouse gas emissions.

Domestic issues also played a key role in Mr Howard’s downfall. Labor ran a strong campaign to abolish the Howard Government’s deeply unpopular workplace relations reforms, which put many Australian workers on individual workplace agreements that reduced their wages, paid leave and other benefits.

Acknowledging Labor’s victory, Mr Rudd told a crowd of cheering supporters in Brisbane, “We should celebrate and honor the way we conduct this great Australian democracy of ours, and it’s been on display tonight.”

He also paid tribute to Mr Howard, whose 36 years of public service to the country has come to an end.

“I want to publicly recognize Mr Howard's contribution to public service in Australia,” he said. “There are big differences between us but we share a common pride in this great nation, Australia, and I wish Mr and Mrs Howard and their family all the very best for the future.

“Today Australia has looked to the future. Today the Australian people have decided that we as a nation will move forward.”

Reaching out to Australia’s international allies, including the United States, Mr Rudd said, “I look forward to working with them to deal with the great challenges our world now faces.”