Labor Anthony Albanese previously backed move to remove Queen as head of state in

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Republican Anthony Albanese has triumphed at the Australian election after he vowed to tackle the cost of living crisis with more public spending. 

Mr Albanese has long been a republican who believes the Queen should not be head of state in Australia and previously said the country should hold a national vote on becoming a republic in 2018. 

However, the Labor party manifesto did not include any plans for a referendum on republicanism and the party has not announced any plans to do so – meaning the status quo will remain.

Former PM Malcolm Turnbull led a failed republican campaign during a national referendum on the issue in 1999, which was lost after almost 55 per cent of the voting public chose to remain.

There were jubilant scenes at Labor headquarters in Sydney today after the party won for only the fourth time since World War II. 

Mr Albanese will become the 31st Prime Minister of Australia by ending the Coalition’s nine years in power in a bloodbath for Scott Morrison. 

His victory comes after Labor pledged to spend an extra £4.1billion compared to the coalition over the next four years if it won today’s election.

He said earlier this month: ‘The work of building that better future will start the very next day’. 

Releasing his policy costings just two days before today’s election, Albanese said he planned to increase Australia’s debt by £4.1billion – with big spending on childcare, free TAFE (Technical and Further Education), renewable energy and Medicare.

Mr Albanese’s introduced policies for a ‘better future’ from Labor’s manifesto with his stance on housing being the star of the show. 

The leader proposed a ‘Help To Buy’ scheme, which would see the government take a 40 per cent stake in up to 10,000 homes a year to help people earning less than £50,000 on to the property ladder.

He pledged to create a £5.6billion Housing Australia Future Fund to build 30,000 new social and affordable housing properties in its first five years – making it easier for young people to get on the property ladder. 

Unveiling his health policies earlier this year, the PM said he would create 50 first-aid clinics across the country if he wins the election, which will treat non life threatening injuries such as broken bones, minor burns, cuts and animal stings – and will be open every day between 8am to 10pm.

He has also promised to spend £423million over four years to improve access to GPs including outside business hours.

Labor’s victory was aided by so called ‘teal independents’ – funded by multi-millionaire Australian climate investor Simon Holmes a Court – who decimated the coalition in Sydney and Melbourne.

In at least five affluent Liberal-held seats, the teal independents looked set to win, tapping voter anger over inaction on climate change after some of the worst floods and fires to hit Australia

A strong showing by the Greens and the teal independents’, who campaigned on policies of integrity, equality and tackling climate change, means the makeup of the new parliament looks set to be much less climate-sceptic than the one that supported Morrison’s pro-coal mining administration.

Nationally there was a two-party swing of 2.3 per cent from Liberal to Labor with nine Coalition seats looking set to switch to the ALP, including Chisholm and Higgins in Melbourne, Boothby in South Australia, Reid in Sydney and Robertson on the NSW Central Coast. 

There was a significant shift against the Liberals in Western Australia with the seats of Swan, Pearce, Hasluck and Tangney – which had a big 11 per cent margin – turning red.

The independents have won at least three Liberal seats, picking up North Sydney, Mackellar and Goldstein. The Greens have won the Brisbane seat of Ryan from the Liberals, with a two per cent boost in their national vote to 12 per cent.

UK Foreign Secretary Liz Truss congratulated the Labor leader in a tweet that read: ‘Congratulations @AlboMP on your election as Australian prime minister.

‘As freedom-loving democracies we will continue to work together for a free and open Indo-Pacific, boosting our trade and deepening our security ties through AUKUS.’

Over the next four years, Labor’s deficits could add up to an estimated £130.8billon – roughly £2.3bn higher than Mr Morrison’s March budget forecast.

Shadow Treasurer Jim Chalmers said the difference between the Coalition and Labor was ‘modest’ – but said Labor’s investments would deliver returns down the track.

‘The modest $7.4billion difference between the two budgets is made up of key investments in childcare, investments in training and education, and investments in cleaner and cheaper energy,’ he said.

Scott Morrison said: ‘Labor borrowing more, spending more, it puts pressure on interest rates. It puts pressure on inflation. It drives up the cost of living.

‘You can vote for the Liberal-National Party team, vote for a strong economy and avoid the risk of a weaker one under a Labor Party that can’t manage money.’

Labor’s costing document also showed £10.6billion in new spending offset by £6.4billion in savings.

There are 13 cost-cutting measures including abolishing the regionalisation grant program.

The ALP also claims it will save £225.6million by scrapping temporary protection visas and letting thousands of refugees stay permanently.

Mr Morrison blasted this policy, saying it would encourage more refugees to arrive illegally by boat.

‘Kevin Rudd thought that work too. And when he abolished temporary visas in August of 2008, what followed was 800 boats, 1200 lives lost and 50,000 people illegally entering Australia. The cost of that was £9.5 billion,’ Mr Morrison said.

‘They (Labor) an no more manage the borders than they can manage money.’

The ALP’s costings do not account for another £29billion in off-budget spending.

This includes £5.6billion on social housing, £8billion on manufacturing and £11.2billion on upgrading the electricity grid.

Albanese said the extra spending would not stoke inflation – which hit 5.1 per cent in April.

‘What it will do is produce a return. It produces economic activity,’ he said.

Labor will provide 465,000 free TAFE places and 20,000 extra university places under a £1.2billion plan.

The free TAFE places will be for courses in industries with a skills shortages such as trades and construction, resources, digital and cyber security, new energy and advanced manufacturing.

One of Labor’s most significant policies is to increase childcare subsidies for all families earning less than £530,000 – at a cost of more than £1billion over four years.

Mr Albanese would remove a cap that prevents families earning more than £10,6819 from receiving more than £5956 a year in subsidies.

A family on £10,681 that uses childcare five days a week would instead get £12,187 in subsidies, more than double the current allowance.

Former Labor Minister and power broker Graham ‘Richo’ Richardson called the election result early as a win for Labor following swings to the ALP in the Liberal-held seats of Reid and Bennelong.

‘We’re home,’ he said on Sky just before 7pm. ‘Let’s crack the champagne.’