The result, which may not be finalised for a month according to the Australian Electoral Commission, remains on a knife-edge and Australia faces a possible hung parliament.
Saying he was confident a majority Coalition Government will be returned, Mr Turnbull said he would respect Australians' vote.
"Well, let me say that the Parliament is elected by the Australian people. ... It is their Parliament," he said.
"We don't know the final composition of it at this stage, the counting has to be completed.
"When it is completed, as I said, we will work effectively, constructively, to ensure that we have a strong majority Government, and we will work across the crossbenchers as well, if we need to do so.
"But it is very important to recognise that this is the people's house, the people have chosen the members of the Parliament, and we will work with all of them to deliver the stability and the leadership that Australians expect."
He said Australians wanted stability from the 45th Parliament.
"I can promise all Australians that we will dedicate our efforts to ensuring that the state of new Parliament is resolved without division or rancour," he said.
"The expectation is on all of us, especially me as Prime Minister, to get on with the job. Australians have my absolute commitment, as Prime Minister, that I will be working to that goal."
Postal votes 'may sway undetermined seats to Coalition'
He attributed the lack of an outcome to about one third of Australians voting in pre-polling or via postal vote, which he said would determine the results in undetermined seats.
"I suspect that we will see seats moving from one side of the ledger to the other until the count is completed at the end of the week," he said.
"Now, as you know, our experience is that these postal votes and pre-poll votes, indeed, traditionally favour Liberal and National Party candidates, especially when they are incumbents.
"So, if that trend were to be manifest again here, that is likely to deliver majority government to the Coalition, but time will tell."
Mr Turnbull welcomed new Coalition MPs and paid tribute to those who had lost their seats.
"I have spoken to them today and I thank them and their families for their dedication and service to the nation. And I welcome to the Parliament those candidates newly elected, very, very talented and outstanding Australians joining the Parliament," he said.