The party's leader, Anthony Albanese, is likely to become prime minister after Scott Morrison's conservative Liberal Party failed to win the minimum 76 seats needed for a majority in the 151-seat parliament, the Australian Broadcasting Corporation predicts.

Labor has secured 72 seats, but may have to rely on the support of smaller independent parties to form a government, including the Greens or so-called "teal independents", who campaigned on policies of integrity, equality
and tackling climate change.

Final results could take some time as counting of a record number of postal votes is completed.

As Labor focused on spiking inflation and sluggish wage growth, Mr Morrison made the country's lowest unemployment in almost half a century the centrepiece of his campaign's final hours.