PM Turnbull's party to continue in power, declares victory in elections

Australian Prime Minister Malcolm Turnbull has declared victory at the federal election as he addressed the media following opposition leader Bill Shorten's concession of defeat.

Speaking in Sydney, the Prime Minister thanked the Australian people, his family and the Labor leader for support, reports news.com.au.

"This is a great day, a great day to thank the Australian people for the decisions they have taken in this election, and to commit to them and you our absolutely un-relenting determination to ensure that this Parliament delivers good government, wise legislation, and builds on the strengths of our economy to ensure that truly our greatest days are yet ahead of us," Prime Minister Turnbull said.

"We must ensure a strong economy in years ahead. That we maintain a successful transition from an economy fuelled by mining and construction booms. We need to ensure that Medicare and education, health services and all those vital government services are provided for and Australians feel secure that they are provided for and guaranteed," he added during his victory speech.

Earlier this afternoon, Opposition Leader Bill Shorten conceded defeat for the Labor Party at the federal election as addressing the media in Melbourne today he said that it was clear Malcolm Turnbull would form a government.

Shorten also acknowledged that he phoned Malcolm Turnbull earlier this afternoon to congratulate him for the victory.

The Coalition currently has 74 of the 76 seats needed to form a majority government, with Labor trailing behind at 66.