Australian PM not declaring victory yet in cliffhanger election

Labor met in Canberra for the first time since the election on Friday, and Shorten warned that any new Coalition government would be inherently unstable.

Bill Shorten, who leads the center-left Labor Party, said on Wednesday that if Turnbull clung to power, he would still have to deal with the most conservative lawmakers in his party who are angry that Turnbull, a moderate, had ousted his predecessor Tony Abbott in an internal leadership ballot less than a year ago.

Labor insisted throughout the whole campaign that the Liberals were plotting to privatise the system, but were accused by many of running a fear campaign. Between 1975 and 2007, the average tenure of an Australian prime minister was almost eight years.

Those who backed Mr Turnbull are surely now wondering why they went to all that bother to lose a dozen seats or more.

"The government is still on track to form a majority government", Treasurer Scott Morrison told Australian Broadcasting Corp (ABC) radio.

Mr Green's announcement comes shortly after Labor leader Bill Shorten effectively conceded defeat yesterday.

But he claimed "the combination of a PM with no authority, a government with no direction and a Liberal Party at war with itself will see Australians back at the polls within the year".

"We are determined to bring people together to ensure the 45th parliament is stable, productive and governing and legislating in the national interest", he said".

"I will work hard for the people of Chisholm as their parliamentary representative to ensure that our community is a great place to live so we can look to the future with confidence".

"The negative outlook on Australia reflects our view that prospects for improvements in budgetary performance have weakened following the recent election outcome", S&P said in a statement.

"We will form a majority Government and we're also making arrangements with some of the crossbenchers for supply and confidence, so we will have a solid Government". Xenophon said the Coalition should consider raising the Medicare levy a "smidgin" too, for the same reason. But we didn't. More than three million of us voted before July 2 and the rest of us who voted waited in long queues at our respective polling places to mark our papers - or not, as the case may have been - in splendid cardboard privacy. It has 73 confirmed seats to Labor's 66, with six still in doubt.

The Australian Electoral Commission (AEC) have said counts will continue over the weekend in the closest seats in an effort to firm up whether the country will have a majority Government or hung parliament.

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