LNP leader Tim Nicholls has officially conceded defeat following the Queensland election almost a fortnight ago.
Mr Nicholls phoned Premier Annastacia Palaszczuk on Friday morning to concede and congratulate her on the win.
Mr Nicholls will not recontest for the LNP leadership, saying it was "time for a new generation of LNP leaders".
"I am proud of the positive campaign the LNP ran," he tweeted.
"I take full responsibility for it."
Ms Palaszczuk was expected to visit Governor Paul de Jersey on Friday to advise she had the numbers to form government, once the Electoral Commission of Queensland had officially declared 47 seats for Labor.
Mr Nicholls said while the result was disappointing for LNP supporters, the MPs who did not hold their seats and the candidates who were not elected, people should be proud of the party's campaign.
"Our campaign was overwhelmingly positive and focused on the issues that most mattered to Queenslanders, such as creating more local jobs and lowering the cost of living - in particular, electricity prices," he said.
"I accept and take full responsibility for the LNP's campaign."
This morning I rang @AnnastaciaMP to concede & wish her the best. I am proud of the positive campaign @LNPQLD ran. I take full responsibility for it. At the party room on Tuesday I will not seek to continue as LNP leader. It is time for a new generation of LNP leaders.??? Tim Nicholls MP (@TimNichollsMP) December 8, 2017
Mr Nicholls said it was a great honour to lead the LNP and thanked his constituents in Clayfield for electing him for his fifth term.
He also paid tribute to Deputy Leader Deb Frecklington.
"I could not have done this job without your support, counsel and wisdom," he said.
"Finally, I thank my staff, friends and my beautiful and loving family, Mary, Jeremy, Duncan and Kate. I couldn't have done any of it without you."
A new LNP leader will be chosen at a party room meeting on Tuesday, December 12, with the frontrunners Ms Frecklington and John-Paul Langbroek.
Ms Frecklington announced she would contest the LNP leadership and Tim Mander had agreed to run as her deputy.
She said Queenslanders had spoken and the party must listen, regroup and rebuild faith in the LNP.
"I was raised in a family where you didn't just sit back, complain and expect others to create opportunities and solve problems," Ms Frecklington said.
"That's why I entered politics and it's why today I'm announcing that I'm putting up my hand to run for leadership of the LNP in Queensland."
Ms Frecklington said her nomination offered an opportunity for the LNP to take a fresh approach.
She also paid tribute to Mr Nicholls for his leadership over the past 18 months.
"Politics is a tough game and Tim left nothing on the field in his drive to improve Queensland," she said.
Former Newman government minister David Crisafulli, who was elected for the seat of Broadwater, was considered a potential for the LNP leadership, but he announced he would not vie for the position.
Flattered by encouraging words but now is the time for me to reestablish myself in parliament and make a contribution to a strong opposition??? David Crisafulli (@DavidCrisafulli) December 8, 2017
The Electoral Commission of Queensland has now called 85 seats - 44 for Labor, two for Katter's Australian Party, 36 for the LNP, one independent, one One Nation and one Greens.
Labor was expected to gain 48 seats in the Parliament, one more than required to gain a majority.
Labor was due to decide on its new cabinet within the next week, with suggestions a reshuffle could award Deputy Premier Jackie Trad the Treasury portfolio.