— This is the script of CNBC's news report for China's CCTV on June 27, Thursday.
Welcome to the CNBC Business Daily.
Aussie markets enjoying sharp gains as the country sworn in Kevin Rudd as its Prime Minister for the second time. Rudd toppled Julia Gillard in a leadership spill just three months ahead of national elections.
[Sound on tape by Kevin Rudd, Prime Minister, Australia: As we all know in this place, political life is a very hard life, a very hard life indeed. Occasionally it can be kind. More often it is not. It has been that way since time immemorial. I doubt very much in the future that it will change.]
CNBC's Matthew Taylor recaps the dramatic turn of events
[Sound on tape: The Labor Party.... the tables were turned... Kevin Rudd back in the job he lost in 2010 under very similar circumstances. Julia Gillard losing the support of her party - in the final sitting days of parliament before September's election.
Rudd: "In 2007 the Australian people elected me to be their Prime Minister... that is a task that I resume today with humility, with honor and with an important sense of energy and purpose."
Earlier in the day the Prime Minister called for a leadership ballot as a group of MPs began petitioning for a vote on the leadership to take place.
But the situation turned dire for Gillard moments before the vote - when influential Minister Bill Shorten pulled his support for the Prime Minister and backed in Kevin Rudd to return to the job he held 3 years ago. In the end, Gillard did not survive the vote - losing the ballot 45 votes to 57 for Mr Rudd.
Julia Gillard: "I understand that at the caucus meeting today the pressure finally got too great for many of my colleagues..... I respect that and I respect the decision that they have made but I do say to my caucus colleagues, don't lack the guts, don't lack the fortitude, don't lack the resilience to go out there with our labor agenda and to win this election"
Deputy Prime Minister and Treasurer Wayne Swan - one of the Prime Minister's strongest supporters will also stand aside.... Anthony Albanese to serve as Kevin Rudd's new deputy.
Julia Gillard will now bow out of politics - and not re-contest the next election.... but will take with her the mantle of Australia's first female Prime Minister.
Gillard: "What I am absolutely confident of is it will be easier for the next woman and the woman after that and the woman after that and I'm proud of that."]
The leadership change received very mixed reactions....with some analysts saying that Rudd's return to power might still see the Labor party suffer at the polls. Have a listen.
[Sound on tape by David Forrester, Senior Vice President, G10 FX Strategy, Macquarie: Rudd doesn't change the equation - the ALP is still very likely to lose the next election, and come the new govt, we'll just have to see what Abbott has in his pocket.]
[Sound on tape by Mark Rolfe, Lecturer, School Of Social Science, University Of New South Wales: I think they have got a very good chance now, he's got to show his mantle and show that the ALP stands for something.]
[Sound on tape by Kingsley Jones, Founder & CIO, Jevons Global: I don't think it's going to change the situation at the next poll. It seems to us that Abbott's probably going to win this election, and therefore, the Rudd change of leadership is perhaps an attempt to salvage the party base.]
Li Sixuan, from CNBC's Asia headquarters.