The Liberal Party's Joe Hockey has claimed victory in his North Sydney seat, enjoying one of the biggest swings in the country.
Mr Hockey's paid tribute to Liberal Leader Tony Abbott in his acceptance speech saying he's offered the Australian people a real alternative.
Thanking voters for re-electing him the would-be Treasurer says he understands it's one of the biggest swings in the country of more than 10 per cent.
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Mr Hockey says whether Julia Gillard is elected as Prime Minister or not there'll be trouble and strife in the Labor Party over the next three years.
He says the coalition stands ready to take the reigns of government tonight or in three years.
Alexander ousts McKew
Liberal candidate John Alexander has won the NSW seat of Bennelong, snatching back the electorate taken by Labor from former prime minister John Howard in 2007.
With 40.1 per cent of the vote counted, the Australian Electoral Commission called the seat in Sydney for the former tennis champion and commentator.
Former Labor prime minister Bob Hawke said the swing against Ms McKew which was evident in early counting was a disappointment.
"Quite apart from the obvious partisan feeling ... I'm very personally disappointed for her because she was on such a high after her achievements ... so I feel very sorry for her because she's been a good member but there's no doubt that John Alexander ran a very strong campaign," Mr Hawke told Sky News.
Ms McKew had held the seat won in 2007 on a margin of just 1.4 per cent.
