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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Australian Liberal leader Matthew Guy resigns after state election defeat

Victorian opposition leader Mathew guy resigns from Liberal Party in state election aftermath

Matthew Guy resigns from Liberal Party

Defeated Victorian opposition leader Matthew Guy stood down from his position on Wednesday, after the Labou party leader Daniel Andrews won Saturday’s state election by an overwhelming majority.

Mr Guy wished newly re-elected Premier Daniel Andrews “the very best” for the future, after he won the Victorian election, with the Liberals seeing a swing of 6% against them.

Mr Guy said in a statement:

“My congratulations again to Premier Andrews and his Labor team for their victory at Saturday's election.

"I would like to place on record my deep appreciation for the hard work of all my Liberal members in the last parliament. They were the most unified team of any parliamentary party in Australia.

"I also want to thank and acknowledge the work of so many Liberal candidates, the state secretariat and my own personal staff. They have given up so much and worked so hard.

"Now that the parliamentary party has been called together, they will elect a new leadership team. I will not be a candidate for the position of leader."

Victorian Sate election results

Matthew Guy was expected to stand down after the Liberals lost the election, sparking a 'blame game between Liberal party leaders, after many dubbed the defeat a ‘bloodbath’.

The Liberal party suffered a 6.1% swing against them, while Labor grabbed 52 seats, with another 10 in doubt on the morning after the election.

Labor had a clear win in sight, after the Coalition lost half its seats. Opposition leader Matthew Guy accepted defeat on the Sunday following, further fuelling conversations about his resignation.

Premier Daniel Andrews addressed the nation after the win, congratulating his voters.

Mr Andrews Said: “I am certain that Victorians have just about had enough of a federal government that cuts hospitals, cans schools, and refuses to admit they have done it. That is what really makes people angry,”

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