Australian prime minister concedes defeat in election

SYDNEY (Reuters) - Australian Prime Minister Scott Morrison said he had conceded defeat in a national election on Saturday, saying that while vote counting was incomplete the opposition Labor party looked likely to form a government.

"Tonight I have spoken to the Leader of the Opposition and the incoming Prime Minister, Anthony Albanese, and I've congratulated him on his election victory this evening," Morrison said at a televised speech in Sydney.

Morrison added that he would stand down as leader of the Liberal party.

The capitulation ends eight years and nine months in power for Morrison's conservative coalition. Morrison became prime minister in 2018 after several leadership changes.

(Reporting by Byron Kaye; Editing by Andrew Heavens)