Image source, Getty Images

"Today the Australian people have voted for Australian values. For fairness, aspiration and opportunity for all. For the strength to show courage in adversity and kindness for those in need."

"And Australians have voted for a future that holds true to these values, a future built everything that holds us together as Australians, and everything that sets our nation apart from the world."

Rounds of cheers have broken out as Albanese delivers his speech, with many chanting "Albo, Albo, Albo".

"In this time of global uncertainty, Australians have chosen optimism and determination," Albanese says.

"Australians have chosen to face global challenges the Australian way - looking out for each other while building for the future".

"My fellow Australians, serving as your prime minister is the greatest honour of my life," he says.

"And it is with a deep sense of humility and profound sense of responsibility that the first thing I do tonight is to say thank you to the people of Australia for the chance to continue to serve the best nation on earth."

Albanese is about to speak at the Labor HQ soon. Foreign Minister Penny Wong is currently on stage to introduce him.

It’s just coming up to 22:00 in Sydney – only hours after polls closed, but unofficial results already show Labor in the lead.

If you’ve only got 30 seconds, here’s what you need to know:

• Australian PM Anthony Albanese has won the re-election with a clear majority. According to projections by the ABC, his Labor party has 85 seats, with 37% of the seats counted so far
• The Liberal-National Coalition’s Peter Dutton has lost his own seat of Dickson in Brisbane to Labor’s Ali France
• Dutton has conceded, saying the coalition didn’t do well enough and has congratulated Albanese

Albanese's Labor will win the majority of the seats, ABC projects - which means that the party will form the next government without having to cobble together a coalition.

Kelly Ng
Reporting from Queensland

Image source, Getty Images

Labor's Ali France has been chipping away at Dutton's home base of Dickson for the past seven years.

In 2019, the former journalist and para athlete won 45.4% of the vote in her maiden campaign. In 2022, her vote share went up to 48.3%.

France is the eldest daughter of former Queensland State Minister Peter Lawlor. The single mom, who lost her leg in an accident in 2011, said she was inspired to run for political office to advocate for people with disabilities.

Kelly Ng
Reporting from Brisbane

Image source, BBC/Kelly Ng

Loud cheers and applause ring out from the crowd as Dutton thanks his family and team.

"They've stood by me through thick and thin and I'm so grateful for their support and their love."

"24 years is a long time to be in public life," says Dutton. "It has been an amazing honour. I want to say thank you to the people of Dickson who have placed faith in me for all this time."

"Our Liberal family is hurting across the country tonight, including in my electorate of Dickson," he says, adding that the defeat is "not the true story of who we are".

"We'll rebuild from here," he adds.

People are shouting "thank you Peter" and "well done" as he hugs his family and steps off the stage.

Kelly Ng
Reporting from Brisbane

Image source, Getty Images

Opposition leader Dutton is now speaking.

"We didn't do well enough in this campaign... I accept full responsibility for that. Earlier on I congratulated the Prime Minister and wished him all the very best. He should be proud of what he's achieved."

He also acknowledged Labor Party's Ali France, who won his home base of Dickson.

"She will do a good job as a local member," he said.

"It's been a great honor to be leader of this amazing party for these past three years. There are good members, good candidates who have lost their seats and their ambitions. I'm sorry for that. We have an amazing party. It will rebuild."

Kelly Ng
Reporting from Brisbane

I'm hearing rousing applause as Dutton makes his way in at the Coalition watch party in Brisbane.

Stay with us as we bring you the latest.

Kelly Ng
Reporting from Brisbane

Image source, BBC/Kelly Ng

I'm at the Coalition watch party here in Brisbane, and volunteers have placed stanchions around the stage and lining themselves on both sides - perhaps they're expecting Dutton's arrival?

Former Prime Minister Tony Abbott is also here at the party - though he has been quite camera shy, turning around when he saw the camera crew swarming over.

Finbar O'Mallon
Reporting from Melbourne

Speaking of Kooyong, we've just nabbed current MP, independent Monique Ryan.

She's been roaming the room as it waits to learn if she will hold her seat.

“I'm hoping that we'll have a strong crossbench, that we'll be able to hold the government to account on the things that matter to electorates like here,” she told the BBC.

“[That’s] action on climate change, on intergenerational equity… and action on the pressures people are experiencing on the cost of living.”

As she talked to us, the ABC called government for Labor.

The current counts put Ryan slightly ahead of Liberal candidate Amelia Hamer, with about 75% of votes yet to be counted.

If she retains her seat, Ryan’s bargaining power would have been stronger in a minority government, but she's confident she and the crossbench would still have a role to play.

“It changes things,” Ryan said. “The crossbench didn't have the balance of power last time, [but] I think we proved effective for our electorates.”

Tiffanie Turnbull
BBC News, Sydney

The fate of Labor and the Coalition may be decided, but the key story of the last election was the rise of independents and minor parties - after a campaign focused on action to halt climate change and, in many ways, defined by the unpopularity of former PM Scott Morrison.

The equation this election is very different, and a lot of these new MPs are facing tough battles to keep their seats.

As we mentioned earlier, in Brisbane, the Greens Party appears to be in trouble in so-called "Greensland" - a nickname earned when the left-wing party surprised many by picking up three neighbouring seats in 2022.

And MPs like Monique Ryan in Kooyong and Dai Le in Fowler are under pressure too.

One of Greens leader Adam Bandt's main messages has been to keep Dutton from power - and the Greens watch party cheered earlier when preliminary results showed a swing away from Dutton in his home seat of Dickson.

Bandt told ABC in a television interview, in front of an upbeat crowd, that "the feeling so far is good".

That mood has since turned more sombre, according to local media, as preliminary figures show that the Greens may lose their seats in Griffith, Ryan and Brisbane.

Kelly Ng
Reporting from Brisbane

At the Liberal Party HQ there's a flurry of activity, with camera crews rushing to the entrance of the room.

With the ABC calling the election over, we're wondering if Dutton is about to make an appearance.

Nope. At the door, trying to enter the watch party, is none other than former Liberal Prime Minister Tony Abbott.

He sees the media mob and immediately turns around though.

Tiffanie Turnbull
BBC News, Sydney

At this point of the evening, it's hard to imagine a more emphatic rejection of Peter Dutton's Liberal-National coalition than has played out.

He has lost the election, with massive swings away from his party right around the country.

And he has lost his own seat.

That is something that hasn't happened to a party leader since 2007, when John Howard - coincidentally Dutton's mentor - was voted out of his Sydney electorate.

Yes, Dickson was the most marginal seat in Queensland and was always going to be a battle to retain, but this result is going to prompt a lot of hand-wringing - and chaos - within the Coalition.

Kelly Ng
Reporting from Brisbane

Image source, BBC/Kelly Ng

Brisbane residents Taher and Munira Ali are trying to stay hopeful.

"It's not looking good. But hopefully things will turn around in the next hour and it'll be a different story for the Liberal party in some of the other marginal seats," says Taher Ali.

"These numbers are disappointing. But we still have a fair number of seats that are pending," says his wife Munira.

Katy Watson & Simon Atkinson
Reporting from Sydney

Image source, EPA

The cheering is getting louder - it's basically a victory party at the Albanese watch party. There are huge roars every time the television screen flashes up the message that Labour have won this election, with tears as well as cheers. The increasingly dismal prospect of Peter Dutton becoming PM makes the room erupt once more.

Those Albo beers we talk about earlier on now being drunk with great gusto.

As one supporter told me, 'The beer tastes better now.”

Few people thought this could be called so early - just five weeks ago when candidates started campaigning, Labor and the Liberal-National coalition were neck and neck.

Albanese's campaign was smoother - but he can thank US President Donald Trump too for helping him along in this race for another term.

Albanese is seen by voters here as a safe, steady option when global politics is anything but.

Moments ago we reported that the ABC declared that opposition leader Dutton has lost his seat of Dickson. Liberal-National Senator James McGrath though is urging caution, saying we should wait until more votes come in before counting Dickson a loss.

"The seat of Dickson has always been a tough seat," he said, on the ABC.

The night has gone from bad to worse for Peter Dutton.

Moments ago the ABC declared his Liberal-National coalition had lost the election, and now they say he has lost his seat of Dickson, in Brisbane, to Labor's Ali France.