Matthew Guy has announced he will stand down as opposition leader, just a day after the Coalition's election loss.
He will remain leader until a new leadership team is voted on at a scheduled meeting of the parliamentary party at a later date.
9News called the election as a Labor victory less than two-and-a-half hours into vote counting last night.
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"I want to put on record my deep appreciation to all the Liberal and National Party candidates, their campaign teams and volunteers for the tireless work they have done, particularly over recent weeks," Guy said in a statement.
"The respectable statewide two party preferred swing to the Coalition of 3-4 per cent was most profound in the exceptional swings to the Liberal Party in Melbourne's north and west.
"This represents a huge future electoral opportunity for the Liberal Party."
Guy said he would work together with the party to elect a new leadership team.
"I will not be a candidate for the position of leader," he said.
More to come...
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