Federal election 2019: Tanya Plibersek pulls out of race for Labor leadership

Deputy opposition leader Tanya Plibersek has ruled herself out of the leadership of the Australian Labor Party, saying now was not her time.

Speculation had been rife surrounding the Labor leadership since Bill Shorten announced he would step down in his concession speech following the Federal election on Saturday night.

Anthony Albanese had announced his intention to run for the leadership, with Ms Plibersek also being named as a frontrunner.

But this afternoon she released a statement saying she would not throw her hat into the ring.

“I am very grateful for the support I have received from my colleagues, from party members and others, urging me to run for the Labor leadership,” she said.

“But now is not my time. At this point, I cannot reconcile the important responsibilities I have to my family with the additional responsibilities of the Labor leadership.”

Ms Plibersek said she was aware some people would be disappointed with her decision, and that she would continue to serve as deputy leader until the leadership was determined.

“At that point I will serve in whatever capacity my colleagues best think can help Labor return to Government,” she said.

“Whatever my colleagues decide, I will play a role in taking our economic and social policy agenda to the next stage.”

She said Labor needed to listen, connect with people, carefully lay out its agenda and “win hearts and minds”.