Opposition leader Peter Dutton says he accepts 'full responsibility' for the Coalition loss, as Australian PM Anthony Albanese hails the result as a vote 'for Australian values'.

Australian Prime Minister Anthony Albanese secured a second term in office Saturday, completing a turnaround in the polls for his Labor Party.

The Australian prime minister's first term was hampered by the headwinds of global inflation, but his fortunes rebounded by offering stability against the backdrop of Trump's volatile diplomacy.