REPORTER: 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. Abbot swept into office on Saturday crushing the governing 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.
INCOMING PRIME MINISTER, TONY ABBOTT: "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."
REPORTER: Outgoing Prime Minister Kevin Rudd admitted defeat and said he would not stand again for the Labor leadership.
AUSTRALIAN PRIME MINISTER, KEVIN RUDD: "Geez, I thought we'd lost ... I know that Labor hearts are heavy across the nation tonight. And as your prime minister and as your parliamentary leader of the great Australian Labor party, I accept responsibility. I gave it my all, but it was not enough for us to win."
REPORTER: Australian voters may have voted for Abbott's policies of lower taxes and a smaller government. But analysts say it was Labor's political divisions that made this an election lost by the government, rather than won by the opposition.
If he's a cyclist, he can't be all bad (even if he's been accused of being a misogynist).