Queensland Premier Annastacia Palaszczuk says she expects Labor will emerge as the winner of the state election once all votes are counted.
But she said the outcome would not be known on Saturday night.
"Tonight, we are close to the peak but we are not quite there and we will not get there tonight," she told the ALP function at the Oxley Golf Club at 10.30pm, four and half hours after the polls closed.
"But I remain confident we will be able to form a majority Labor government once all the votes are counted."
Labor needs to win at least 47 seats in the 93-seat parliament to form a majority government, but is sitting on around 42 seats. The Liberal National Party has won 37 seats.
The outcome of Saturday's election will now depend on preferences, following the reintroduction of compulsory preferential voting.
She again refused to do a deal with One Nation, which is yet to win a seat in Saturday's election, but did not rule out a deal with other minor parties including the Greens.
Katter's Australian Party two MPs, Robbie Katter and Shane Knuth, have both be returned and a third KAP member could join them.
Ms Palaszczuk has promised to govern for all Queenslanders and thanked those LNP voters who voted for Labor.
"Queenslanders are not red or blue. We are maroon. And Queenslanders always win when we work together," she said.
"I will always put Queenslanders first. One thing remains clear: I will never sell out the needs of Queenslanders by doing a deal with One Nation."
