Prime Minister Anthony Albanese said the French firm had agreed to a "fair and an equitable settlement" of 555 million euros (US$584 million) for ending the multi-billion-dollar contract.
Morrison conceded defeat on Saturday night and congratulated Anthony Albanese on the victory for the Labor Party, which was closing in on a majority in the 151-seat parliament.
Opposition leader Anthony Albanese’s center-left Labor Party ended the six-week campaign as a favorite to win its first election since 2007. But Morrison defied the opinion polls in 2019 by leading his coalition to a narrow victory.