The outcome of the Canning by-election will become a political prism through which the Liberal and Labor parties will gaze, refract the results, and behold their reflected electoral glories.

Former SAS officer and combat veteran Andrew Hastie retained the seat after a gruelling month-long campaign, but with a swing of more than 6 per cent against the Coalition Government.

Early polls had suggested the then Tony Abbott-led Coalition was facing a 10 per cent swing in a seat last won by the late Don Randall at the 2013 federal election with an 11.8 per cent margin.

The Liberals' combination of a star recruit candidate, a big-budget campaign, and the replacement of an unpopular Mr Abbott with a widely popular Malcolm Turnbull appears to have almost halved that forecast swing.

But after campaigning fiercely on the Coalition Government's budget cuts, broken promises and policies such as the China Free Trade Agreement, Labor has claimed the substantial swing as a victory in itself.

In by-elections triggered by the death of a sitting member, the average swing was 2.5 per cent, Matt Keogh told his supporters as he conceded defeat.

In that context, the 6 per cent swing was, in his words, "huge".

So where does that leave the political implications of Canning?

Somewhere in the middle, with the Liberals retaining their seat and gaining a new MP with plenty of potential, and Labor now within striking distance of victory in what will become the seat of Burt following a redistribution ahead of the next federal election.

Until then, Canning will be a political result that will be diced, sliced and spun to make everyone look like a winner.