If he loses the seat, Mr Frydenberg will be the first in the Liberal Party to do so.
"Certainly I think it will be close and I've never taken my seat for granted," Mr Frydenberg told ABC Radio National on Friday.
"I feel very fortunate that I've been supported by my community at the last four elections."
He said independents such as his opponent Monique Ryan were "no more than a slogan and a banner".
Mr Frydenberg holds the seat with a margin of 5.7 per cent, but a redistribution is predicted to have narrowed his lead.
Dr Ryan has been campaigning on more ambitious action on cutting emissions and putting in place a national integrity commission.
Mr Frydenberg said independent candidates such as Dr Ryan should state who they would support in the event of a hung parliament.
"But when they vote for so-called independents they will get a hung parliament and a Labor Party that will do deals with them," he told reporters in Melbourne.
He challenged Dr Ryan to produce costings for her policies rather than "relying on just the vibe".
Dr Ryan said the major parties would need to "come to the table on climate and integrity" if they wanted her support.
"If there is a hung parliament ... I will negotiate with both of the major parties on the basis of the things for which I've been elected which is effective action on climate change and an ICAC to secure some integrity and transparency in government," she said.
"I'm prepared to work with either side of the political spectrum."
However, she noted the coalition continued to be "held to ransom" by Nationals members who disagreed with the net zero emissions by 2050 policy.
Labor campaign spokesman Jim Chalmers told reporters in Sydney the treasurer had hit a low point in his personal attack on Dr Ryan.
"He dismissed a woman who is a very accomplished part of the medical profession as nothing more than a slogan," Dr Chalmers said.
TAB's Gerard Daffy said there was heightened betting interest in Dr Ryan following this week's alarmingly high inflation figures.
Meanwhile, Prime Minister Scott Morrison is campaigning in the seat of Lyons in Tasmania where he is visiting Lark Distillery.
The company in Pontville will receive $4.5 million towards a new one million litre a year whiskey distillery.
The distillery is seeking to boost its exports, bring on more skilled workers and attract tourists to Tasmania.
Lyons is held by Labor's Brian Mitchell on a margin of 5.2 per cent and is a target seat for the Liberals, who are running local councillor Susie Bower.
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