Land of Oz, & everywhere II: Parliamentary democracy works, boringly

5:36 PM
Tony Abbott is holding a media conference after his hopes of forming government faded away. Watch live on ABC News 24.

He says the Coalition won more votes and more seats but not the opportunity to form government. CONCEDES THAT THIS IS JUST A PART OF THE POLITICAL SYSTEM IN THIS COUNTRY.

@annabelcrabb "Coalition won more votes and more seats than our opponents" ... but TA says he won't let his disappointment embitter him

5:41 PM
Abbott pays tribute to his family, and his deputy Julie Bishop. Bishop says she will be putting her name forward for deputy at the next party room meeting. She says he transformed the political landscape in Australia and she would be honoured to serve as his deputy again.

5:42 PM
Abbott says his time as Opposition Leader has been an amazing journey and his task now is to ensure that he doesn't become the "best opposition leader never to have become prime minister".

5:47 PM
Abbott on his intended style of opposition:

"My intention if the government does well is to give credit where it's due; if it does badly, to hold it ferociously to account."

5:57 PM
Julia Gillard has just visited the Governor-General to tell her she has the numbers to form government. She does not need to be signed in again so there is no ceremony. After a quick meeting, the PM is off. SO AFTER ALL THE DRAMA OF THE PAST COUPLE OF MONTHS, THE FORMALITIES ARE SURPRISINGLY LOW-KEY.

6:03 PM
Now on ABC News 24, Nationals leader Warren Truss is giving his take on the election outcome. He says he is disappointed the independents have sided with Labor, and he is not confident there will be any change in direction for regional policy as a result of the negotiations.

6:09 PM
And that's all from Election Live on a day that's turned out to be as historic and unpredictable as it promised. Tonight on The 7.30 Report, catch interviews with Julia Gillard and the key independents. For more updates and analysis, check ABC News Online and ABC News 24. It's game over, but we'll be back in the morning with the post-match analysis.