Liberal National Party leader Lawrence Springborg tonight said he accepted he would never become Queensland premier.
"Some things aren't meant to be and certainly that's been the situation for me," he said during his concession speech.
Mr Springborg, who failed to attract a big enough swing for the conservative party in his third but most competitive election battle as alternative leader, smiled when a supporter in the audience at the Brisbane Convention Centre declared: "Good on ya, Borg."
The parliamentary veteran thanked his wife Linda, who stood beside him during his speech, labelling her "a brilliant support to me".
Mr Springborg paid tribute to his four children and acknowledged how difficult it was to have an "absentee father".
He said Premier Anna Bligh had achieved a "significant win" and had proven herself to be a formidable opponent.
"Premier Bligh deserves full credit for her election win and I wish her all the very best for the next three years," he said.
"She proved herself as being a very capable political opponent."
However, Mr Springborg took a swipe at the Bligh Government for its last-ditch "desperate" attempt to sow the seeds of doubt in voters' minds about the LNP through personal attacks.
Mr Springborg was upbeat as he entered the tally room, just after the close of voting last night.
Having merged the Liberal and National parties into a single united conservative force last July, Mr Springborg had "already exceeded people's expectations".
"The LNP has been extraordinary success," he said as he entered the building where political supporters, media, pundits and members of the public gathered to watch the results come in.
"We have run a good campaign, a solid campaign," he told reporters.
"Certainly there was a very positive mood for change in the community."
During his concession speech, Mr Springborg focused on the positives - insisting the LNP had captured the sort of swing that would often lead to a change of government.
"It's absolutely unstoppable," said Mr Springborg, who was also flanked by a teary-eyed LNP deputy leader Mark McArdle and his wife.
Mr Springborg said when Robert Menzies formed the Liberal party, it did not achieve government on its first outing, but at the second election managed to take office and become a strong force in Australian politics.
Mr Springborg said he hoped the party would build on the gains it had achieved in the future, but admitted his third attempt to become premier was his last chance.
"I accept my days as Opposition leader are numbered," he said.
The re-elected Member for Southern Downs said he would continue to serve his electorate, revealing he would not quit politics and force a by-election.