Liberal hopes Labor forms majority govt

The coalition is projected to hold 59 seats, with as many as 15 crossbenchers including four Greens MPs, according to election analyst William Bowe.

However, as vote counting continued the Australian Electoral Commission officially listed Labor as holding 75 seats, the coalition 51, with 12 crossbenchers and the remaining undecided.

There is still the prospect Labor could fall short of a majority, meaning it would need crossbench support to govern as it did between 2010 and 2013.

Liberal senator Jane Hume conceded the so-called teal independents had an "incredible night".

"I am desperately hoping though there is not a hung parliament, I hope that it is in fact a Labor government," the outgoing financial services minister told Sky News on Sunday. 

"A hung parliament is dysfunctional and won't serve the country well."

Mr Albanese has pledged to bring Australians together after defeating the nine-year-old Liberal-National coalition government.

Mr Albanese is expected to be sworn in on Monday, along with senior members of his cabinet, before heading to Tokyo for the Quad meeting with the leaders of Japan, the US and India.

Mr Morrison is set to remain in parliament, having retained his Sydney seat of Cook, but will step down as leader at the next Liberal party room meeting.

Despite the final result not yet being known, he said he believed it was important the nation had the certainty of leadership and Australia could be represented at the Quad meeting.

The Liberal leader, expected to be replaced by outgoing defence minister Peter Dutton, noted it had been a "time of great upheaval".

"It has imposed a heavy price on our country and on all Australians and I think all Australians have felt that deeply," he said.

"And we've seen in our own politics a great deal of disruption as the way people have voted today with major parties having one of the lowest primary votes we've ever seen."

Labor's primary vote of 32 per cent was lower than it achieved when it lost the 2019 election, while the coalition scored 35 per cent.

"That says a lot about the upheaval that's taking place in our nation and I think it is important for our nation to heal and to move forward," Mr Morrison said.

Mr Albanese, who has made much of his childhood in social housing, being brought up by a single mum, said he hoped his journey in life inspired other Australians to "reach for the stars".

"I want Australia to continue to be a country that - no matter where you live, who you worship, who you love or what your last name is - places no restrictions on your journey in life."

Vote counting will continue on Sunday.

The final result of the half-Senate election is yet to be determined, but it is expected veteran One Nation leader Pauline Hanson will not be returned in Queensland.

And for the first time in the ACT's history, it is expected the Liberals will not pick up a Senate seat with independent candidate and former Wallaby David Pocock tipped to defeat outgoing minister Zed Seselja on preferences.