Roundup: Aust'n coalition closes in on forming a minority government

Senior Turnbull government minister Christopher Pyne has declared Australia's Liberal-National Party coalition an "election winning machine", as the incumbent government continues to edge closer to forming a minority government on Friday.

Pyne declared the coalition had "won" the election despite only having secured 73 of 76 seats required to form a government, but said Australians had made a statement by yet again voting the Liberal-Nationals into power.

"We have won again. That's our sixth victory out of eight in the last 20 years," Pyne told the Nine Network on Friday.

"You have to say that we are an election-winning machine in the Liberal Party."

Described as an "eternal optimist" by colleague and Finance Minister Mathias Cormann, other members of the coalition - including the Prime Minister Malcolm Turnbull - were playing down a victory until all votes in the five hotly-contested and "in doubt" seats were counted.

Despite it looking likely that the coalition will not win the 76 seats on its own, the PM has secured the support of key crossbench MP Bob Katter, which is considered by many election analysts as enough to get his party over the line with at least a minority government (where independents side with the coalition to make up the 76 seats).

Meanwhile Labor Leader Bill Shorten has all but conceded his party will be unable to win the election, but said as Turnbull will only "scrape over the line", he had failed to deliver the promised stability to the Australian Parliament.

Shorten said he expects to head back to the polls "within the year" so that Australians can decide on a majority government.

"It's likely in coming days that the Liberals will scrape over the line but the combination of a PM with no authority, a government with no direction and a Liberal Party at war with itself, will see Australians back at the polls within the year," Shorten told the press.

Following a meeting with the Prime Minister on Thursday, crossbench MP Andrew Wilkie affirmed Shorten's view that there was "no conceivable way" the opposition would be able to win the election, but added he would not join the coalition in forming a minority government.

"I will not enter into any deal with any party in order to help them form government, but nor will I be destructive, especially at a time like this when more than ever the country needs level heads and certainty," Wilkie said in a statement released on Friday.

Meanwhile Australian Broadcasting Corporation (ABC) election analyst Antony Green said a majority coalition government was still on the cards despite many talking up a minority victory for the LNP coalition.

"In that sense they've won, it's just a question of whether they will have a majority or not," Green said on Friday.

Colleague Barrie Cassidy said it was still "too close to call" whether or not they would secure the 76 seats required to form a majority, and added that a final result might not be known until "next week."

Also on Friday, members of the Labor Party met in the partyroom caucus to reaffirm that Shorten would return to Parliament as Opposition Minister for the next term.

Shadow Treasurer Chris Bowen said Labor was delivering stability while the coalition couldn't. He said having one leader over a length of time would only strengthen his party's position the next time Australians head to the polls.

"I think we're showing the stability, the unity of purpose we've shown for the last three years and we intend for that to continue," Bowen said.

Vote counting will continue into the weekend for key marginal seats which are still regarded as "too close to call". Endit