Steve Fielding's hopes of hanging onto his Victorian Senate spot are fading as counting for the state's sixth and final seat continues, says a leading election analyst.

"He's been slipping. I've been watching it closely for the last couple of days and he's been slipping further and further behind constantly," the ABC's Antony Green told The Age.

You little bottler ... Family First's Steve Fielding, promotes his Drink Container Recycling Bill in 2008. Credit:Andrew Meares

Fielding, who won his seat in the 2004 election after preferences from the Democrats and the ALP flowed in his direction, looks likely to lose his seat to Ballarat blacksmith John Madigan of the Democratic Labor Party.

If he prevails, Mr Madigan would be the first Democratic Labor Party representative in Canberra for 36 years.