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A timeline of the day's events including the key players involved in the Labor leadership spill.

Julia Gillard has declared Labors leadership question settled, after she was elected unopposed as Prime Minister at a meeting of the Labor caucus.

Ms Gillard was the only nominee for the position with former Labor leader Kevin Rudd refusing to run for the leadership at the meeting on Thursday afternoon.

Prime Minister Julia Gillard arrives with her supporters for the caucus meeting. Photo: Alex Ellinghausen

Thursday's drama led to the swift departure of five Labor MPs from their government posts, including Regional Affairs Minister Simon Crean, who was dumped from the ministry after earlier calling for a spill of leadership positions and a switch back to Mr Rudd as prime minister.

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Other key backers of Mr Rudd - parliamentary secretary Richard Marles, chief government whip Joel Fitzgibbon and fellow whips Ed Husic and Janelle Saffin - will also vacate their posts.

On Thursday night, supporters and opponents of Julia Gillard declared that the idea of another Kevin Rudd prime ministership was now over. The developments came on the final parliamentary sitting day before the May budget and against a backdrop of Labor's continued poor showing in opinion polls ahead of the September 14 election.

Kevin Rudd arrives for the caucus meeting... "I take my word seriously." Photo: Andrew Meares

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I take my word seriously: Rudd