Bill Shorten has been re-endorsed as Labor leader, but not yet conceded defeat in the federal election.

Malcolm Turnbull says he won't be declaring victory in the election until the counting result is "plain".

With counting to continue over the weekend, the coalition appears on track to win 77 seats in the 150-seat lower house and has the support of four independents for supply and confidence - giving the government some breathing space in parliament.

Liberal frontbencher Christopher Pyne boldly told the Nine Network on Friday: "We have won again."

"That's our sixth victory out of eight in the last 20 years," he said.

"You'd say that we are an election-winning machine in the Liberal Party."

However, Mr Turnbull - who was in Melbourne to meet new Liberal MPs and talk to independent Cathy McGowan - said it was just Mr Pyne being "naturally optimistic and confident".

"We respect the votes that have been cast and one way to show that respect is by waiting for the counting to be completed ... to the point where the decision is plain," Mr Turnbull said.

Independent senator Nick Xenophon described it as a case of "premature exaltation".

A Labor caucus meeting in Canberra passed a motion of confidence in Mr Shorten, but automatically opened up the leadership to nominations closing next Friday.

Only Mr Shorten will stand for the role.

The motion, moved by previous leadership challenger Anthony Albanese, also authorised the leadership team to "negotiate with crossbench members to advance Labor's agenda in the 45th parliament".

Mr Shorten told the meeting Labor remained on a campaign footing.

"The combination of a prime minister with no authority, a government with no direction and a Liberal Party at war with itself will see Australians back at the polls within the year," Mr Shorten said.

Mr Shorten took aim at minor parties such as One Nation, which is advocating a ban on Muslim refugees and mosques.

"It's easy for the extremists, for the people with the simple solutions to emerge and thrive, to foster division, to blame minorities, to demonise difference, to appeal to the dark angels of our national character," he said.

"I will never respect or tolerate racism or prejudice at any price."

Tasmanian independent Andrew Wilkie and Victoria's Cathy McGowan on Friday declared they would back supply and confidence in the coalition government.

Mr Wilkie said he would take away that support in the case of malfeasance.

Mr Turnbull described Ms McGowan as "thoroughly independent", adding he wanted to have an open working relationship with all crossbenchers.

The parliament, he said, should be "at least united in the determination to serve the Australian people in a constructive and positive way over the next three years".

The seat count so far is 73 for the coalition, 66 Labor, one Greens, four independent and six in doubt.

The coalition is tipped to retain Forde, Herbert, Capricornia and Flynn.

However, Liberal strategists are talking down wins in Hindmarsh and Cowan.

Malcolm Turnbull in the federal seat of Chisolm this morning, (AAP)