Roundup: Australian PM's conservative coalition claims victory in election

The leader of Australia's Liberal-National Party (LNP) coalition, Prime Minister Malcolm Turnbull, claimed victory in the federal election on Sunday eight days after polls closed.

Turnbull's victory speech came hours after the leader of the center-left opposition Labor Party Bill Shorten rang the premier to concede his party would not be able to form a government.

"This is a great day today," Turnbull told a press conference in Sydney.

"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 in the lower house of Australian parliament, the House of Representatives, and remains confident that it can win at least two of the five seats still in doubt to obtain the majority required to form a government.

If the LNP is unable to win at least two of the five seats then the party will be forced to negotiate with members of parliament from minor parties and independents in order to form a minority government.

Turnbull emphasized the importance of Australia's two major political parties working together in parliament for the good of the country.

"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 said.

"We are trustees for future generations. Everything we do is about the future."

Speaking in Melbourne earlier in the day Shorten conceded that even though counting continues there is no doubt that the coalition will for either a majority or minority government.

Shorten promised that his party will cooperate with the LNP as much as possible in order to give Australians a functioning parliament but added that the Labor will continue to fight for its key election policies.

"I understand we need to make this parliament function and we'll be up for that," Shorten said.

"And as I said, I wish Malcolm Turnbull well in what the future holds. But we also have to stand up for Medicare to make sure schools are properly funded and to prioritize Australian jobs."

Shorten also used the opportunity to flag his support for electronic voting systems in Australia to deliver faster election results in the future.

"We're a grown-up democracy, it shouldn't take eight days to find out who's won," Shorten said.

Vote counting continues in the electorates of Cowan, Herbert, Hindmarsh, Flynn and Capricornia with the LNP forecasted to win the latter two.

Despite the election loss it is believed that Shorten has the support of the Labor to continue as leader of the party due to the Labor winning as many as 69 seats compared to 55 in the 2013 election. Endit