Prime Minister Scott Morrison thanks all of his candidates and particularly thanks David Coleman in Banks. Mr Morrison says the "quiet Australians have won a great victory tonight."
ALP leader Bill Shorten has phoned Scott Morrison to concede. He said he will not be standing in the next Labor leadership ballot..
With 62 percent of the vote counted, the L/NP has 41.6 per cent of the vote, ALP 33.2 per cent, The Greens 10.6 per cent.
Counting update: L/NP 75 seats, ALP 66, target 76 to achieve a majority in the House of Representatives.
Labor's Anthony Albanese says it may be a few days before the precise outcome of the election will be known.
Scott Morrison has arrived the Liberal Party celebrations at the Wentworth Hotel.
Counting update: L/NP 74 seats, ALP 66, target 76.
Former Prime Minister John Howard congratulates David Coleman on his result in Banks.
ABC says Banks has experienced a swing towards David Coleman of 4.3 per cent.
The Coalition is inching towards victory as a majority government with 73 seats compared with Labor's 64.
ABC's Antony Green has called the election.
"I think that the Morrison Government has been elected," he said. "I can't say if it will be a majority or minority government."
ABC analyst Antony Green describes David Coleman's result as a healthy swing of 51 per cent of the first preference vote. He has now increased his margin from 1.4 per cent to plus 5 per cent.
"It's a very good result, a very big win for David Coleman," he said.
Liberal's David Coleman has 55.78 per cent of the vote on a Two Party Count basis, a swing of plus 4.34 per cent. Labor's Chris Gambian has 44.22 per cent on a Two Party Count basis.
ABC's Antony Green says it is very hard to see how Labor can reach government on the numbers seen at the moment: L/NP 70, ALP 62, 14 in doubt.
Counting update: L/NP has 68 seats, ALP 60, with 18 in doubt.
With 48 per cent of the vote counted David Coleman has achieved 58.7 per cent of the vote.
ABC says on current numbers if the government can hold the seats it has in WA, it may achieve a majority government.
Liberals-Nationals have 61 seats, ALP 59. 76 seats are needed to claim government.
ABC's Antony Green says Banks has been retained by the Liberals. He is not calling the election but said we are not seeing Labor sweeping into office.
ABC says at this stage it appears the government may lose five seats but may pick up five seats.
ABC says Coalition and Labor are neck-in-neck.
ABC analyst Antony Green says on a two party preferred basis there is a 1.3 per cent swing to the Liberals
With 12.1 per cent of the vote counted the ABC is saying the liberals will retain Banks.
Banks is the Liberal Party's most marginal seat in Sydney, held by David Coleman, Immigration Minister on a margin of 1.4 per cent.
Held by the Labor Party from 1949 to 2013 it fell to the Liberal Party for the first time.
Banks extends across the southern parts of the Canterbury-Bankstown and Georges River council areas in southern Sydney, generally between the Georges River and the M5 motorway. It includes East Hills, Revesby, Panania, Picnic Point, Padstow, Riverwood, Peakhurst, Penshurst, Lugarno, Mortdale, Oatley, South Hurstville and Allawah.
There are six candidates standing for the seat of Banks.
In the order they appear on the ballot paper, they are:
David Coleman, Liberal;
Gianluca Dragone, The Greens;
Chris Gambian, Labor;
Reginald Keith Wright, United Australia Party;
Anjali Thakur, Animal Justice Party;
Man Ho Ki, Christian Democratic Party (Fred Nile Group).