Labor leader Bill Shorten says he has called Malcolm Turnbull and conceded electoral defeat, as the Coalition edges towards a slim majority in federal parliament.
Eight days after the polls closed, the ABC's election computer says the Coalition has won 74 seats and Labor 66, with five still undecided.
Mr Shorten said although counting was still underway, it was clear the Prime Minister would form either a minority or majority government.
"I have spoken to Mr Turnbull and congratulated him," Mr Shorten told a press conference in Melbourne.
Mr Shorten said Labor was willing to work to find "common ground" with the Government, saying Australians deserved "nothing less".