Australia's former PM concedes defeat to Kevin Rudd

Sydney: Leader of the Labour party Kevin Rudd has been elected as the new Prime Minister of Australia. Labour will take over the reins in Canberra after 11 years of conservative government. The incumbent John Howard has conceded defeat in the elections.

Rudd's party has won 71 seats, 5 short of a majority. Rudd, a former diplomat, has promised to cut taxes, withdraw Australia's 500 troops in Iraq, and sign the Kyoto protocol on climate change. Analysts hold close relations with the US as the primary cause for John Howard's election defeat.

Rudd, 50, swept to power promising to continue almost all the policies 68-year-old Howard's conservatives have espoused since they were elected in 1996.

Howard telephoned Rudd to concede defeat and made a concession speech at the Wentworth Hotel in Sydney where he has celebrated four election victories between 1996 and 2004.

(With agency inputs)