Abbott's in, says Australia's carbon tax will be gone in three years

Abbott gave his victory speech at the Four Seasons Hotel in Sydney.

Tony Abbott and his right-leaning Liberal-National coalition will form Australia's next government.

Kevin Rudd conceded in the evening. His Labor Party are estimated to take 50 seats as opposed to Abbott's party taking 90 seats.

"In three years' time, the carbon tax will be gone," said 55-year-old Abbott in his victory speech.

"The budget will be on track for a believable surplus. And the roads of the 21st century will finally be well under way. And from today, I declare that Australia is under new management and that Australia is once more open for business."

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Abbott spoke in front of a packed ballroom.

Abbott recognized Rudd.

"He has been the Prime Minister of this country not once, but twice, so I acknowledge his service to the people of our nation."

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Rudd concedes to Abbott. Image from YouTube.

The Australian Mines and Metals Association congratulated Abbott.

"The Abbott Government has a clear mandate to restore confidence back into Australia’s resource industry and back into our country generally as a globally competitive and productive place to do business," the organization wrote in a press release.

"Welcome first steps in this direction include the Coalition’s commitments to remove the carbon and mining taxes which have contributed to Australia’s declining global competitiveness, as well as restoring a tough industrial regulator in the building and construction industry within its first 100 days."

British Prime Minister David Cameron congratulated Abbott.

 

Former Labour Party Prime Minister Julia Gillard, who was ousted by Rudd, congratulated Abbott.

 

Watch Abbott's victory speech.