Senior Labor figures Tanya Plibersek, Chris Bowen and Anthony Albanese are among the contenders to be Opposition Leader in the wake of the party's shock election loss.
Ms Plibersek, who is the current deputy leader of Labor, said she is considering a run after Bill Shorten announced he would step down as Opposition Leader.
"I'm certainly considering it ... I'll talk to my colleagues today," Ms Plibersek told the ABC's Insiders program on Sunday.
Speaking on election night, Chris Bowen also said he would think about nominating, while there's speculation Queensland MP Jim Chalmers could also put his hand up.
SBS News understands Labor frontbencher Anthony Albanese will run for the Labor leadership.
Earlier Mr Albanese, who lost to Mr Shorten for the Labor leadership in 2013, praised Mr Shorten.
"Bill Shorten as the leader and our entire team have worked incredibly hard over recent times. I have been someone who has never put myself before the interests of the Labor Party as a whole."
Despite leading in the polls for months leading up to the election, the opposition failed to clinch the necessary seats to form government.
Mr Shorten addressed his own future.
"Whilst I intend to continue to serve as member for Maribyrnong, I will not be a candidate in the next Labor leadership ballot," Mr Shorten told supporters in Melbourne as he conceded defeat.
"I want to say beyond this room to Australians, I know that you're all hurting and I am too. And without wanting to hold out any false hope, while there are still millions of votes to count and important seats yet to be finalised, it is obvious that Labor will not be able to form the next government."
Mr Shorten has led Labor since 2013 following one of the most turbulent periods in the party's history, when a leadership tussle between former prime ministers Kevin Rudd and Julia Gillard marred the political party’s standing.
This was the second time Bill Shorten has run for prime minister after Labor narrowly lost in 2016.
But that close result saw Mr Shorten stay on at the helm after a leadership contest with Labor frontbencher Anthony Albanese.
Former defence minister Christopher Pyne said he felt sorry for Mr Shorten.
"I actually feel very sorry for Bill Shorten because to be opposition leader for six years is just a dreadful job. It is the worst job in politics and he's done it for six years. For him personally it must be a really devastating night."
How Labor elects a new leader
Source: AAP
- Nominations open at a parliamentary party meeting (caucus), and remain open for a week
- Need to get support of 20 per cent of caucus to get nominated
- If there is only one nomination there is no ballot
- If there are two or more nominations there is a ballot of both the parliamentary party and grassroots members
- Ballot is open to all financial members of the party, with no restrictions on time served.
- Each of the two voting blocs is weighted equally in determining the winner. That is, 50 per cent each. Last time Anthony Albanese won the grassroots vote but didn't get enough caucus votes and Bill Shorten won.
- The organisational ballot takes 20 days
- During the ballot process the two candidates can campaign and debate each other
- It is expected there would be a candidate from Right and Left factions
- About 30,400 members voted in 2013
- Once the postal ballot is over, the caucus votes
- An interim leader is appointed. Chris Bowen held that position last time
- In 2013, the timeframe was: nominations opened September 13 and the caucus voted October 10
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