Mr Nicholls said he rang Labor leader Annastacia Palaszczuk on Friday and congratulated her on forming government.

“I wished the Premier well for the future given the important role she now has to get on with Building a Better Queensland without delay,” Mr Nicholls said.

Mr Nicholls said he accepted responsibility for the campaign and the result was disappointing for “supporters, the MPs who did not hold their seats and the candidates who were not elected”. “Everybody should be proud of the campaign we ran – 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.

“We focused on the future and not the past, but Labor’s massive advertising spend focused on fear.”

Mr Nicholls said it was an honour to lead the party for the last 18 months and thanked his deputy Deb Frecklington – who will now be one of the favourites to take over the role.

Ms Frecklington has confirmed she win run for the role with Tim Mander running as her deputy.

“I want to recreate for my three daughters the Queensland I experienced when I was growing up, but also a state that’s geared up to tackle the challenges of the future,” Ms Frecklington said.

“I understand that most Queenslanders just want to have a steady job, build a good life for their family and get ahead. They want politicians who represent them and their communities, not their own self-interests. I can assure Queenslanders that I take a no-frills attitude to politics and with me, what you see is what you get.”

The party room will meet on Tuesday to decide the new leader.