Opposition leader Tony Abbott said he would hold the Labor party "ferociously to account" for their actions as they form a new government.
Conceding to newly elected prime minister Julia Gillard, Mr Abbott said he was "rededicating the coalition to the task of opposition".
"I believe we will be an even more effective opposition in the coming parliament than in the last one," he said.
"We will give credit where its due, for the extent it doesn't, we will hold (the government) ferociously to account."
Mr Abbott congratulated the Labor party for their win, though he pointed out the coalition had won more votes and more seats in last month's election.
"The longest election is finally over," he said.
"It's a disappointing day, it's a disappointing result but nevertheless I could not have asked for more support from my colleagues, my staff and the party at large."
Mr Abbott said he would not let his disappointment of the result blind him to the virtues of the Australian electoral system.
"For our country's sake, I hope the Labor party can offer a better government than it has over the last three years," he said.
"For our country's sake, I hope the Labor party can discover the soul it has been lacking."
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Mr Abbott thanked his deputy Julie Bishop as well as his family.
"Margie and the kids have not always revelled being connected to a politician, but I have to say the family has come together in a very special way over the last seven or eight weeks," he said.
Mr Abbott confirmed he would be a candidate for opposition leader when the party meets on Thursday.
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