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The Election Is OVER! Bill Shorten Admits Defeat.

Bill Shorten has held a press conference in Melbourne this afternoon, where he has conceded that Labor has lost the federal election.

It means that the Liberal Government and Malcolm Turnbull will now be able to form a majority government, which will last the next three years.

In this speech, Shorten said 'It's clear Malcolm Turnbull will form a government.'

''I wish Malcolm Turnball all the best'' is how the speech ended.

It is expected that Malcolm Turnbull will make a speech later today.

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