Australian's Prime Minister has resigned. Kevin Rudd, the leader of the Labour party, was dumped by his party following a slump in opinion polls and a clash with the resources industry over a plan to tax its profits.
He is succeeded by his former deputy Julia Gillard who has vowed to end division over a controversial mining tax, resurrect a carbon trading scheme and call elections within months. She is Australia's first female prime minister.
Who is Julia Gillard? She was born in Wales and went to Australia as a child and has worked as a lawyer and later as a union official.
Support for Rudd began to slide after he shelved the government's carbon-trading plans in April, a key campaign pledge when he won office in November 2007. A Proposal for the 40% tax on mining 'super profits' has also been a major reason for loss of support for him.
Following his resignation yesterday European stock-index futures climbed.
What does his resignation mean for the rest of the world? Well the US will be pleased Oz is back on message with carbon-trading and the Chinese will be happy their mining interests aren't going to be taxed more heavily. As or Britain, it's a reminder to the Labour party that they're wimps.