Tony Abbott has claimed electoral victory for the Coalition in a speech to his supporters in Sydney.

The man who will be Australia's 28th prime minister took to the stage not long after Kevin Rudd conceded defeat and stood down as Labor leader.

"From today, I declare that Australia is under new management and that Australia is once more open for business," Mr Abbott said.

Labor saw a primary vote swing against it of around 4.5 per cent, although the voter rebellion in western Sydney and in Queensland was not be as bad as the party had feared.

In one of the shocks of the night, Clive Palmer was on course to become the MP for the Sunshine Coast seat of Fairfax after his party grabbed more than 11 per cent of the vote in Queensland.

And while the Coalition will have a large majority in the House of Representatives, it looks like minor parties - including the Palmer United Party and the Australian Motoring Enthusiasts Party - will hold the balance of power in the Senate.

Read the story here, and look back at how our rolling updates, images, tweets, video and analysis of election day unfolded.