I deeply believe that if the Australian Labor Party, a party of which I have been a proud member for more than 30 years, is to have the best future for our nation, then it must change fundamentally its culture and to end the power of faceless men. Australia must be governed by the people, not by the factions.

2009 was a tough year, but Australia rose to the challenge of the global financial crisis. It shows what can be done when we all join together and work together, governments of all persuasions state, territory and local; businesses large and small; unions and local communities right across the nation.

I am determined to honour the confidence which has been extended to us by the people of our great land. And I say to all of those who have voted for us today, I say to each and every one of them that I will be a prime minister for all Australians.

Senator Obama's message of hope is not just for America's future, it is also a message of hope for the world as well. A world which is now in many respects fearful for its future.

Australians are a passionate lot. We are also a very practical lot.

We have seen this complete right wing takeover of modern liberalism, and it is an ugly spectacle to behold.

Australia is a nation of compassion. Courage and compassion. And the third of these great values: resilience.