(CNN) Australia's Liberal National coalition government under Prime Minister Scott Morrison has won a historic victory, taking his party for a third term in government against all expectations.

It is still unknown if Morrison will form a majority or minority government, but swings to the coalition across large Australian states, especially Queensland, have ensured he will remain prime minister.

In a triumphant speech Saturday night, Morrison said he had "always believed in miracles."

"And tonight we've been delivered another one," he told jubilant supporters in Sydney who chanted Morrison's nickname "ScoMo."

After losing an election which many analysts described as "unlosable," Labor leader Bill Shorten conceded and announced he would be stepping down as head of the party.

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