At 4pm on Monday, official figures from the Australian Electoral Commission had Labor on 76 seats in the House of Representatives - a majority in the 151-seat chamber.
The Liberal-National coalition was holding 58 seats.
Former treasurer Josh Frydenberg became the latest high-profile Liberal to concede, with his Melbourne seat of Kooyong going to independent Monique Ryan.
The AEC listed 10 independents as on track for victory, joined on the cross bench by Mayo MP Rebekha Sharkie from the Centre Alliance, Greens leader Adam Bandt and veteran Kennedy MP Bob Katter.
There were four seats where the two-candidate preferred vote was unavailable: Macnamara, Maranoa, Melbourne and Richmond.
Only one seat was formally listed as "close" - the NSW electorate of Gilmore.
Labor picked up 52.4 per cent of the two-party preferred vote.
Incumbent MPs were trailing in 19 seats: Swan, Pearce, Tangney, Hasluck, Curtin (WA), Chisholm, Higgins, Kooyong, Goldstein, Deakin (Victoria), Wentworth, Gilmore, Reid, North Sydney, Robertson, Mackellar, Fowler and Bennelong (NSW), Boothby and Grey (SA).
The Senate results are yet to be finalised, but the most likely biggest losses will be veteran Queensland senator and One Nation leader Pauline Hanson and Liberal minister Zed Seselja in the ACT.
SEATS IN DOUBT
Lyons (Tas): Labor's Brian Mitchell leading the Liberals' Susie Bower by 833 votes
Gilmore (NSW): Liberals' Andrew Constance is ahead of Labor's Fiona Phillips by 306 votes
Richmond (NSW): ABC projecting Labor's Justine Elliot on 56.5 per cent ahead of the Greens' Mandy Nolan
Deakin (Vic): Labor's Matt Gregg leading the Liberals' Michael Sukkar by 848 votes
Macnamara (Vic): ABC projecting Labor's Josh Burns on 53.8 per cent, ahead of the Greens' Steph Hodgins-May
Sturt (SA): Liberals' James Stevens ahead of Labor's Sonja Baram by 998 votes
Brisbane (Qld): ABC projecting Greens' Stephen Bates on 55.3 per cent, ahead of Liberal Trevor Evans
Lingiari (NT): Labor's Marion Scrymgour ahead of CLP's Damien Ryan by 1043 votes
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