Queensland senator Glenn Lazarus has conceded defeat after the federal election, saying "the battle ahead does appear too big".

Mr Lazarus and Tasmanian independent senator Jacqui Lambie were founding members of Clive Palmer's Palmer United Party (PUP), but both ended up leaving.

He quit PUP last year after the party sacked his wife.

Mr Lazarus was contesting his Senate seat on behalf of his new party, the Glenn Lazarus Team, which he formed in May 2015.

In a post on his Facebook page, he said it appeared he did not secure enough votes to retain his seat.

"While there are still many more votes to count and voter preferences to allocate, the battle ahead does appear too big," he wrote.

He added he and his family would like to thank everyone for their support over the past couple of years.

"We would also like to thank my team, volunteers and candidates for your unwavering support and hard work," he said.

"I will keep everyone posted on my progress."

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Pauline Hanson eyes off four Senate spots

Meanwhile, One Nation's Pauline Hanson looks likely to pick up a Senate seat in Queensland.

Counting of Senate ballots is still in the early stages but Ms Hanson's party is on track to pick up at least one seat.

However, Ms Hanson said on Facebook this morning her party "is staring down the barrel" of picking up four Senate seats — two in Queensland and one each in NSW and WA.

"From my understanding, the AEC won't be doing any further counts until Tuesday, so we will have a clearer idea of what the wash up is later in the week," she wrote.