Barry O'Farrell told the press this morning: "I still can't explain either the arrival of a gift that i have no recollection of or it's, eh, absence which I certainly still can't fathom.

"But I accept consequences and in an orderly way a new Liberal leader will be elected to take up the position of Premier of NSW."

Barry O'Farrell's full statement

Here's the text of Barry O'Farrell's statement to the press on Wednesday morning. He refused to take any questions.

"I’ve been advised overnight that this morning at ICAC a thank you note from me in relation to the bottle of wine will be presented. I still can’t recall the receipt of a gift of a bottle of 1959 Grange, I can’t explain what happened to that bottle of wine. But I do accept that there is a thank you note signed by me and as someone who believes in accountability, in responsibility, I accept the consequences of my actions.

"The evidence I gave to the independent commission against corruption yesterday was evidence to the best of my knowledge. I believe it to be truthful and as I said yesterday it's important that citizens deal with police, deal with the courts and deal with watchdogs like ICAC in a truthful fashion.

"In no way did I seek to mislead, wilfully or otherwise, the Independent Commission Against Corruption. But this has clearly been a significant memory fail on my part, albeit within weeks of coming to office, but I accept the  consequences of my actions. And that is that as soon as I can organise a meeting of the parliamentary Liberal party for next week I will be resigning the position and enabling a new Liberal leader to be elected, someone who will then become the Premier of NSW.

"Whilst I’m sure you have questions, I don’t think this is the time for those questions to be dealt with. There will be other occasions for those questions to be dealt with. But what’s important here is that again I’m seeking to support  the process of the Independent Commission Against Corruption, a body that I’ve always supported throughout my career. I’ve accepted that I’ve had a massive memory fail, I still can’t explain either the arrival of a gift that I have no recollection of or its absence, which I certainly still can’t fathom.

"But I accept the consequences. In an orderly way, a new leader will be elected to take on the position of Premier of NSW."

Tony Abbott's statement

The full excerpt of Prime Minister Tony Abbott's press conference on Wednesday morning in Sydney:

"I have known Barry for two decades. He has been a friend of mine throughout that time. He has been a great servant of the Liberal Party, a great servant of the people of NSW and of Australia. He has constantly worked to do the right thing by the people of NSW and we were together as recently as last Friday in China winning trade and jobs for our country and our State. Obviously, as we now know, he innocently, inadvertently misled ICAC yesterday and he has taken the utterly honourable step of resigning as Premier. This is an honour and an integrity at a very high level. We are seeing an act of integrity, an act of honour, the like of which we have rarely seen in Australian politics. I admire him tremendously for this, although I deeply regret the necessity for it.

Question: Do you trust this Government, the State Government, which is proving to be corrupt, to deliver your major infrastructure?

Mr Abbott: That, if I may say so, is an entirely unjustified smear. Let me not mince my words, an entirely unjustified smear and frankly, I think you should withdraw that and apologise. There is no evidence whatsoever for that. Can you please tell me what your evidence for that is?

Question: He specifically said yesterday if he was delivered a bottle of that nature, he would remember it. Today a thank you note has uncovered and he resigned. I think voters would be sceptical about the way this has unfolded.

Mr Abbott: Without wanting to get into an argument with the media, what you have just said is very different from the accusation, the statement that you earlier made and we need to have decent standards in this country. We need to have decent standards from the media, if I may say so, as well as decent standards from politicians.

Source: smh.com.au