The Nationals are holding their heads high in the face of an electoral backlash against their senior coalition partner.
The country-based party is hoping to break even in the new parliament, picking up the Victorian seat of Murray but expecting to lose the Queensland seat of Flynn.
Capricornia is also under threat as MP Michelle Landry trails Labor by 991 votes in the Rockhampton-based seat.
Nationals leader Barnaby Joyce, who retained New England by beating off a challenge from former independent MP Tony Windsor, says his party enjoyed one of the standout performances of the election.
"We basically maintained our numbers against all odds," he told ABC radio on Monday.
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But the deputy prime minister, who was initially confident his party would hold all its seats, now concedes Flynn is likely to fall to Labor.
National president Larry Anthony also conceded Flynn was an outside chance but was happy the party's numbers would remain the same.
He credited an effective grassroots campaign for the sound result.
"Our members and supporters can hold their heads high because we maintained our vote and we held most of our seats," he told AAP.
Mr Joyce blamed scare campaigns on Medicare, pensions and hospitals for the outcome in Flynn and Capricornia.
"That has cut through and it's very disappointing."
He intends to bargain hard on a new agreement with the Liberals if the coalition wins government.
Asked if he would remain deputy prime minister, he said: "That's the contract you have with the Australian people - you accept the risks."
