PM Turnbull reelected

Australia's Prime Minister Malcolm Turnbull yesterday declared victory for the ruling conservatives after the Labor opposition conceded defeat, but faced a tough time ahead after the narrow mandate in the closely fought election.

The declaration ended eight days of uncertainty about the new government's identity. A tight race between the two major parties left neither of them with the 76 or more seats required for a parliamentary majority following polls on July 2, with vote counting still ongoing.

"We've won the election, that's what we've done," Turnbull told reporters in Sydney, adding that he received a call from Labor leader Bill Shorten congratulating him on his re-election as prime minister.

But he immediately faced questions about whether he would be able to govern successfully, with Labor increasing its lower house seats and a higher number of minor party and independent senators to contend with in the upper house.

Turnbull's ruling Liberal/National coalition is currently expected to secure 74 seats, and potentially two more, in the 150-seat House, according to ABC's projections.

Labor has won 66, and with five independents elected, the opposition does not have sufficient seats to govern in Canberra, according to the projections.