Earlier, Labor leader Bill Shorten telephoned Mr Turnbull to concede defeat and congratulate him.
Mr Shorten says he hopes, for the nation's sake, the Government does a good job.
He has pledged to work with the Coalition where possible. Mr Turnbull says he also hopes to find common ground.
The Prime Minister says there are a number of key issues the Government needs to balance. However, Bill Shorten says he will stand firm on Labor's core values.
Meanwhile, Malcolm Turnbull and Bill Shorten say they are keen to consider the possibility of bringing in electronic voting.
They say they do not want the country to drift for days after an election without knowing the winner.
The Labor leader says he will contact Mr Turnbull to suggest laying the groundwork for new laws allowing electronic voting.
