Prime Minister Malcolm Turnbull has claimed victory in the federal election, as the Coalition edges towards a slim majority in federal parliament.
"This is a great day today," Mr Turnbull told a press conference in Sydney, after Labor leader Bill Shorten conceded defeat.
"We have resolved this election and have done so peacefully. It's something we should celebrate and not take for granted."
The Coalition is on track to win at least 74 seats, and is confident it can win two more, giving it enough seats to govern in its own right.
The Prime Minister welcomed Mr Shorten's offer to find "common ground", saying he hoped the two sides could work together.
"It's vital that this parliament works it is vital that we work together and as far as we can try to find ways upon which we can all agree."
He flagged some changes to the ministry due to MPs losing their seats, and said the Liberal partyroom would meet on July 18.
The Prime Minister said his granddaughter Isla was on his lap when he took Mr Shorten's concession call, and he was "deeply, deeply touched" by the moment.
"That's a moment I'll never forget," an emotional Mr Turnbull said.
"It was a reminder that we are trustees for future generations. Everything we do is about the future."
Shorten concedes defeat
Earlier Mr Shorten said although counting was still underway, it was clear the Prime Minister would form either a minority or majority government.
He pledged to work towards bipartisanship where possible, saying Australians deserved "nothing less" than a functioning parliament.
"I understand we need to make this parliament function and we'll be up for that," Mr Shorten said.
"I hope for the nation's sake that the Coalition does a good job."
But he added the ALP would be sticking to its guns on key issues such as Medicare.
"I expect them to do nothing less than to keep their promises they made to the Australian people," he said.
"And as I said, I wish Malcolm Turnbull well in what the future holds. But we also have a mandate to stand up for Medicare, to make sure schools are properly funded and to prioritise Australian jobs."
Leaders flag electronic voting push
The Opposition Leader said he would write to Mr Turnbull to suggest a bipartisan push to embrace electronic voting, saying election results should not hang in the balance for so long.
"We're a grown-up democracy, it shouldn't take eight days to find out who's won," he said.
Mr Turnbull said electronic voting was "something we must look at", and also flagged regulation of "extremely deceptive" robo-calls and text messages sent out during a campaign
"They're basically existing in a legal vacuum," he said.
The Coalition is optimistic about its prospects in the key Queensland seats of Flynn and Capricornia, which would deliver the party the 76 seats needed for a majority.
Mr Shorten, who had previously indicated he would not concede until the Coalition officially won 76 seats, said he could not be prouder of Labor.
"I am proud Labor is back and that Labor is united," he said.