The latest election result updates from the Australian Electoral Commission point toward the possibility of a hung parliament with a swing away from the Coalition.
It is projected that neither Liberal/National Coalition nor the Australian Labor Party are going past the 76 seat mark.

Voting map Source: The Conversation
Prime Minister Malcolm Turnbull is still confident that the Coalition will form a majority government.
"Based on the advice I have from the party officials, we can have every confidence that we will form a coalition majority government in the next parliament," Mr Turnbull said.
On the other hand, Opposition leader Bill Shorten declared - “Labor is back.”
"Three years after the Liberals came to power in a landslide, they have lost their mandate," said Mr Shorten.
Both Malcolm Turnbull and Bill Shorten know that it is a very close count.
And in case of no clear majority, both leaders would have to deal with independents and minor parties.

Prime Minister Malcolm Turnbull and Bill Shorten. Source: (AP Photo/Files)
Counting of votes is likely to continue till Tuesday and it could be days before the final result is known.
To know more about the political situation that will arise in case of no clear majority, listen to AMit Sarwal’s conversation with Professor Pradeep Taneja, political analyst based at the University of Melbourne.

Prof. Pradeep Taneja Source: Pradeep Taneja