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Chris Minns has been elected premier of NSW with a big swing against the sitting Coalition government handing Labor a majority government at the state election.
Minns said that, after more than a decade in opposition, Labor was "back and ready to govern" the people of New South Wales.
"After 12 years in opposition, I want to say to the people who voted for Labor or the Liberals and Nationals, or for independents or minor party candidates today, we have been elected but we will govern for everyone in New South Wales," he said.
AS IT HAPPENED: How dramatic Labor landslide unfolded
RESULTS: Live seats won, party totals and swingometer
"We know that the challenges are huge, the responsibilities are also, but New South Wales Labor is back and ready to govern in this great state."
Minns said the election result was a clear show of support for rewarding essential workers like nurses by removing the public sector wage cap, as well as a vote against privatisation.
"It's undeniably the case that today's election was also a decisive vote against privatisation, to retain Sydney Water and Essential Energy," he said.
He also paid tribute to the man he's replacing, praising outgoing premier Dominic Perrottet.
READ MORE: 'I take full responsibility': Perrottet resigns as NSW Liberal leader
"I would like to say thank you to the premier for his service on behalf of the people of New South Wales," Minns said.
"We want to say thank you to Helen and Dominic for their service to the people of the state."
Perrottet himself had earlier congratulated Minns in a gracious concession speech, saying the Labor leader will be a "fine" successor. The outgoing premier also announced he will resign as leader of the NSW Liberal party.
"As leader of the parliamentary Liberal party, I take full responsibility for the loss this evening," he said.
READ MORE: Gina Rinehart spotted supporting Liberals on NSW election day
"And as a result, I will be standing down as leader.
"It is very clear we need a fresh start, we need a fresh start. We need a fresh start for the Liberal party."
Perrottet said the election had been a case of politics at its best.
"I particularly tonight want to acknowledge the leader of the Opposition. Elections can get ugly, but I believe this election truly was a race to the top.
"A genuine battle of ideas. And that's when politics is at its best.
"I truly believe and have no doubt that (Minns) will make a fine 47th premier of New South Wales, because I believe that he will lead with the same decency and the same integrity that he has led with so far.
"Ultimately I ask everybody across NSW, whatever your political persuasion, to get behind him, to get behind him, because where NSW goes well, our country goes well, and that is something that is something tonight, I believe, we can all unite behind."
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Pre-election predictions tipped the opposition to return to government for the first time since 2011 in a tight contest, but the actual size of the swing to Labor made for a far more comprehensive victory than expected.
Just over three hours after polling had closed, Labor had gained three six seats from the Coalition – East Hills, Heathcote, Parramatta, Penrith, Riverstone and South Coast – while independent Michael Regan also took Wakehurst off the Liberals.
For a government that entered the election needing to gain seats to remain in power for a fourth straight term, it was enough to put Perrottet and the Coalition in a position where there was no path to victory.
"The maths never worked for Dominic Perrottet," 2GB's Chris O'Keefe said on 9News' live election coverage.
"It's not a 'it's time' factor, it's a 'time's up' factor."
