Frydenberg formally concedes in Kooyong

In a statement, Mr Frydenberg said he had called Dr Ryan to concede the election.

"Today I rang Dr Monique Ryan to congratulate her on the election result in Kooyong and wished her well for the term ahead," he said.

"It's been an incredible privilege to have served as the local member for the last 12 years."

The former treasurer was one of many high-profile Liberals to lose their safe, blue-ribbon seats to so-called teal independent candidates.

Dr Ryan thanked Mr Frydenberg for his time as an MP in Kooyong, along with her more than 2000 volunteers.

"This victory is as much for them as it is for me. I want to thank them all. We would not be here now without their amazing efforts," she said.

"Throughout the campaign, it's been important that we bring the whole community with us so that the entire electorate's values can be reflected in Canberra."

Dr Ryan said work was now under way preparing for entering parliament and enacting policies.

"The work of chopping wood and carrying water hasn't stopped, it's only just begun," she said.

"I want to thank the people of Kooyong, and assure them that I have listened to their concerns, and will always continue to listen to and represent them."

Mr Frydenberg said he had given his all to the job of being an MP.

"Inspired by the wonderful local people I have met, among them those who volunteer in our charities and sporting clubs and work in our small businesses and schools," he said.

"We have achieved so much together. It is their contribution that makes our community great."

Mr Frydenberg said he was looking forward to spending more time with his family.