Scott Morrison says he will return to Sutherland Shire and continue to serve his local community while incoming prime minister Anthony Albanese has pledged to govern for all Australians.
Mr Albanese thanked Australians for the incredible honour they have given him to serve as the country's 31st prime minister.
"My Labor team will work every day to bring Australians together, and I will lead a government worthy of the people of Australia," he said in a victory speech on Saturday night. "A government as courageous and hardworking and caring as the Australian people are themselves."
"I can promise all Australians this - no matter how you voted today, the government I lead will respect every one of you every day."
Mr Morrison said in a Facebook post on Sunday, "It has been an immense privilege to serve as Prime Minister, especially during a time of great trial for our nation. We are blessed to live in such a great country. The resilience and strength of Australians supported by our policies, has ensured that we have been able to prevail as a nation in difficult times. How good is Australia!
"I wish Mr Albanese and his government all the best for what will be further challenging times ahead.
To all our Liberal and Nationals supporters I say thank you. Our parties will reflect and rebuild. To my colleagues who will not be rejoining the Parliament I thank you for your service to our country. You can be very proud of what you achieved for your community and what we achieved together for our nation.
"We have handed over Government with a stronger economy, restored borders, a more secure nation and having guaranteed the essential services Australians have relied on.
"I am now looking forward to returning to the shire, my family and continuing to serve my local community. For me life has always been about faith, family, friends and community. We are not our jobs but who we are as unique individuals, (in my view), loved by God.
"Jenny and I thank Australia for the honour to have served. I thank my family, friends and colleagues for all their support, especially my dearest friend Josh Frydenberg [who lost his seat of Kooyong].
"God Bless,
"ScoMo
"PS: Up Up Cronulla against the Titans this afternoon #sharksforever"