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Anthony Albanese is set to be sworn in as Australia’s 31st Prime Minister this morning ahead of his first overseas trip.

Albanese, along with incoming Foreign Minister Penny Wong, deputy Labor leader Richard Marles, and Labor’s economics team of Katy Gallagher and Jim Chalmers, will be sworn in by Governor-General David Hurley today.

They will divide the ministerial portfolios between them before the incoming Labor government’s full ministry is sworn in later this month.

Anthony Albanese is set to be Australia’s next prime minister. (Dean Sewell)

Albanese and Wong are then set to travel to a meeting of the Quad security organisation on Tuesday, where they will meet with US President Joe Biden, India Prime Minister Narendra Modi, and Japan Prime Minister Fumio Kishida, in Tokyo.

The timing of the meeting is behind the rapid swearing-in, which will constitute one of the swiftest changes of government in Australia’s history.

US President Joe Biden has congratulated Mr Albanese on his win and expressed his appreciation for the Australian government’s decision to attend the meeting so soon after the election.

Liberal and Labor HQs tell two different stories

The leaders will discuss how to counter China’s influence in the region.

Meanwhile, the reeling Liberal party will attempt to reset for its time in opposition, with Peter Dutton in the hot seat to be elected party leader.

However, the other presumed leader-in-waiting, outgoing Treasurer Josh Frydenberg, has not yet conceded defeat in the Melbourne seat of Kooyong.

Peter Dutton is the favourite to become the next Liberal leader. (Jamila Toderas)

Frydenberg appears set to lose the seat to Independent Dr Monique Ryan, and he admitted it would be “difficult” to claim victory from this position.

However, he has said it was “mathematically possible” he could still win the contest, and both candidates are waiting for the postal vote count to finish.

About 12 per cent of the overall votes – 16,000 postal ballots – are yet to be counted in the seat.

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