VOICED: Australian PM vows stability despite polls crisis

Australia faces a tight election race with no clear majority, leading to the possibility of a hung parliament for the first time in 70 years. Both major parties, led by Julia Gillard and Tony Abbott, are courting independent MPs to form a minority government. The Labour Party faces setbacks due to leadership changes, while political uncertainty raises concerns about economic impacts. Despite the challenges, efforts continue to stabilize the country and resolve the deadlock.

What was the outcome of the election race mentioned in the text?

Who were the leaders of the Labour Party and the opposition liberals during the election?

What does the term 'hung parliament' refer to in the context of the Australian election?

What were the implications of Julia Gillard's leadership for the Labour Party?

What concerns did analysts have regarding the political situation in Australia?