Prime Minister Julia Gillard arrived in Canberra today to take control of behind-the-scenes talks to piece together a working majority out of Australia's first hung parliament since World War II.

The latest ABC election analysis gives Labor 72 seats, the Coalition 69, the Greens 1 and independents 3, with five seats still in doubt.

Opposition Leader Tony Abbott also flew into Canberra today as both sides of politics pondered their next moves.

Three seats are still too close to call and there is uncertainty over the outcome of at least two others as election vote counting continues today.

The nation's political fate could turn on the loyalty of three sitting independent MPs - Rob Oakeshott, Bob Katter and Tony Windsor.

Ms Gillard fronted reporters this afternoon and says she will not conduct negotiations with the independents through the media.

She will, however, provide regular public briefings about the progress of talks.

"I want to assure everyone that those negotiations will be conducted diligently, with integrity, properly and in good faith," Ms Gillard said.

"I do want to sensibly manage the expectations of Australians as this process takes place. It will take a period of time."

Ms Gillard says there are two key questions for the cross-bench MPs to consider.

"Which party is best able to form a stable and effective government in the national interest, which party can best process the business of the people of Australia and get legislation passed?

"I would say that it is the Government that is best able to undertake those tasks."

When asked if the role of speaker or a ministry would be up for consideration as part of negotiations, Ms Gillard said she would not play "rule-in, rule-out" games.

She also ruled out making changes to the mining tax to gain the support of WA National Tony Crook, who wants to operate as independent.

Jostling for support

Mr Oakeshott says he has received calls from both Ms Gillard and Mr Abbott today, but he is not interested in siding with either major party.

"I don't have to pick a red team or a blue team, I don't have to pick Julia or Tony," he said.

"What I do have to do is find a way to work together to get a process in place where we can have confident parliament with a clear majority."

Also in the mix is former intelligence officer and whistleblower Andrew Wilkie, who could win the Tasmanian seat of Denison as an independent.

Rookie Greens MP Adam Brandt is the fifth man who will be courted as the two major parties try to put together the 76 seats they need for an overall majority in the Lower House.

Labor saw its majority wiped out on Saturday night as voters in Queensland and New South Wales turned their backs on the party.

Among the seats still undecided is Hasluck, where Liberal candidate Ken Wyatt has a wafer-thin lead over Labor incumbent Sharryn Jackson.

If Mr Wyatt gets up he will become Australia's first Indigenous MP elected to the Lower House, and his fate could be crucial for that of the Coalition as a whole.

"If the Coalition doesn't win Hasluck, they have 72 seats and it's very hard for them to get to 76. So I think the whole election hangs on what the result is in Hasluck," ABC election analyst Antony Green said.

Other seats too close to call are Brisbane, where Labor veteran Arch Bevis could be ousted by the LNP's Teresa Gambaro, and Boothby in Adelaide, where Liberal Andrew Southcott is just ahead of Labor's Annabel Digance.

Senior Labor powerbroker Senator Stephen Conroy says the party is waiting for the full results before getting down to negotiations.

"What I think we need to do right now is focus on Julia Gillard delivering a stable government, albeit a minority government," he said.

"We're in a position where we're going to have to reach a range of compromises, from Bob Brown to Bob Katter, on all of these issues.

"That will be a challenge, but only Julia Gillard will be able to negotiate and deliver a stable government in that environment.

"Certainly Denison is in the mix. Our scrutineers on the ground tell us that it's too early to concede the seat to Andrew Wilkie. And in Hasluck it's swung in both directions - it's been quite a rollercoaster with Hasluck. The same with Brisbane. Both of those at times have been dead and at times been back in the mix. So it is just too early at this stage to concede any of those seats."

Meanwhile the infighting in Labor ranks has started as the party digests the reversal of its fortunes.

This morning former New South Wales premier Morris Iemma came out swinging against campaign director Karl Bitar, who has blamed Labor's poor performance on damaging leaks during the second week of the campaign.

"It's time for some frank assessments, for some honesty, not the spin and the fakery we saw on Sunday from Karl Bitar," Mr Iemma told ABC Sydney Local Radio.