Labor could still form a minority government, Opposition frontbencher Anthony Albanese says, but he wouldn't be its leader.
Mr Albanese said it was hard to see Labor having an absolute majority, although the coalition might be able to.
He stood against Bill Shorten for the Labor leadership following the 2013 election defeat but says he has no intention of doing so now.
"This is like a footy game that's gone into extra time. Now, you don't even consider changing who the captain is during extra time," he said.
Mr Albanese said Labor could deliver on its agenda if it was to form another minority government.
"We've put forward fully costed policies. We have been courageous on issues like the capital gains tax changes in terms of negative gearing, as well," he said, adding he had had a great deal of experience managing a minority government as leader of the House from 2010-13 when then-prime minister Julia Gillard led a minority Labor government.
He said the composition of the new Senate, with its expanded crossbench, would probably be easier for Labor to manage than the coalition.
"Bill Shorten is a very strong negotiator. That's one of his great strengths. There's no one better in a small room than Bill Shorten," he said.
But the Senate was going to be particularly challenging, he said.
"I wouldn't be at all surprised if we're back at the polls not in three years time but well before then," he said.
