You'll read about this tomorrow in Malaysiakini, but here's kaytee's advance version.
John Howard and his Coalition have suffered a drubbing at the hands of the Labour Party. He has conceded defeat to his opponent Kevin Rudd, who will be Australian's first Mandarin-speaking PM. Rudd has been Labour's leader for only 50 weeks.
Despite the Coalition's 'scare campaign', with a last minute incident of questionable standards, Rudd hung on to a principle which the military terms succinctly as 'selection and maintenance of AIM'. His 'aim' was to present to the Aussie people his party's platform as one of generational change of 'fresh leaders with fresh ideas'. He stuck to that.
He won. He needed to win 16 seats to gain government but he won with a majority of approximately 15 seats (counting still proceeding to confirm the exact number). This meant the Labour Party won approximately 30 seats from the Coalition.
John Howard is also in danger of losing his own seat of Bennelong to Labour's Maxime Mackew. If he does so, he'll be the first Aussie PM to lose his seat in almost 80 years. Only one other prime minister, Stanley Bruce in 1929, has been deposed while holding the highest office in the land.