Rudd Steps Down as Prime Minister of Australia

In an astonishing day in Australian politics, the country's ruling party dumps Kevin Rudd as prime minister, handing power to the nation's first female leader.

Former Deputy Premier Julia Gillard is now the country's new Prime Minister.

Knowing he potentially faced an embarrassing defeat, Rudd had earlier stepped aside from Thursday's leadership ballot.

Once known as the most popular premier to lead the Australians in three decades, Rudd suddenly was confronted with a fall in support after he decided to drop a strategic emission trading scheme.

He faced even further remonstrations after picking a fight with the resources sector over his plans for a super tax on their super profits.'

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