The Liberal-National Coalition was returned to power in what was widely seen as a surprise result following Australia’s federal election over the weekend.

It was confirmed on Saturday evening after polls closed that Liberal Prime Minister Scott Morrison would hold on to power as Labor leader Bill Shorten conceded defeat.

As of early Monday, the Coalition held 75 of the 76 seats they required to form government, however it is predicted when all votes are counted it will hold 77 seats, with Labor predicted to hold 68.

Prior to Saturday’s election day all polls showed Labor ahead and the likely victors however once it became apparent on election night that Labor would fail to win the seats to form government, Shorten stepped down as leader of the party.

The two favourites to take over Shorten’s role as leader of the Labor Party include former deputy prime minister Anthony Albanese, who has already declared his candidacy, while deputy Labor leader Tanya Plibersek has also stated she is considering her options in a bid for the leadership.

Labor had run an election which placed action on climate change as a key policy, with the party pledging to cut Australia’s carbon emissions by 45%, based on 2005 levels, by 2030, with net-zero pollution by 2050.

Meanwhile, the Coalition had only pledged to cut emissions by between 26% and 28% below 2005 levels by 2030, with that figure also including carry-over credits from the Kyoto Protocol, while Labor claimed it would not use the credits to reach its target.

The Coalition ran a campaign which, instead of climate, focused on building a stronger economy and jobs, a message the nation’s resource rich states of Western Australia and Queensland appeared to back and help swing the election in the government’s favour.

Chief executive of upstream industry body the Australian Petroleum Production & Exploration Association (APPEA), Andrew McConville, said the election result suggested the Australian people wanted a stable and balanced approach to the political and policy challenges facing the nation.

“APPEA urges a clear focus on stable energy and climate policy that enables Australians to enjoy the benefits of our abundant natural resources and manage the transition to a lower carbon economy,” he said.

“In doing so, we must not forget the critical role natural resources play in underpinning our economic well-being and that hundreds of thousands of Australian jobs rely on a reliable, affordable gas supply.”

McConville added that Australia’s oil and gas industry would continue to work with the government to support a national climate change policy that delivered low-cost greenhouse gas emissions reductions while facilitating long-term investment decisions.

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Coalition wins Oz election