Australians are still waiting to find out who will lead the country, after Saturday’s federal election proved too close to call. That hasn’t stopped Liberal Prime Minister Malcolm Turnbull, and Labor leader Bill Shorten from claiming victory.

A voter lines to cast his vote at the Moonee Ponds West Public School polling station in Melbourne, Australia, July 2, 2016, on Australia's federal election day. (Xinhua/Bai Xue)

Australian Prime Minister Malcolm Turnbull confidently walked to the stage on election night with an optimistic message for supporters.

"Tonight my friends, I can report that based on the advice I have from the party officials, we can have every confidence that we will form a coalition majority government in the next Parliament," Turnbull said.

Labor Leader Bill Shorten’s initial message to a packed room in Melbourne sounded a bit more reserved.

"Friends! We will not know the outcome of this election tonight. Indeed, we may not know it for some days to come. But there is one thing for sure - the Labor Party is back," Shorten said.

Hours after the polls closed in the longest campaign here in half a century - the race for Prime Minister remained too close to call.

So instead of claiming an outright victory - or conceding defeat - the candidates continued their attacks on each other.

"Mr Turnbull will never be able to claim that the people of Australia have adopted his ideological agenda; he will never again be able to promise the stability which he has completely failed to deliver tonight," Shorten said.

"Regrettably more than a few people were misled. There's no doubt about that. But the circumstances of Australia cannot be changed by a lying campaign from the Labor Party,"  Turnbull said.

For Malcolm Turnbull, the decision to call an early election was a huge political gamble.

He also dissolved both houses of parliament in the hopes of gaining more support in the house and senate.

But as the initial votes were counted - it was clear that Turnbull lost some of that support. Minor party candidates claimed early victories in the house and senate - creating the increased likelihood of a hung parliament.

It’s still unclear why the vote was closer than first expected. Political analysts say one reason is Shorten’s transformation into a stronger candidate in an election focused squarely on the economy.

"We ran as the party with the most comprehensive policy agenda for this election and the plan to pay for it. Tonight we stand by our programme, our mandate: Jobs with fair pay and penalty rates," Shorten said.

Turnbull based his campaign on the need for jobs and growth in uncertain economic times.

"A time when we need to be innovative, when we need to be competitive, when we need to be able to seize those opportunities, those times are there," Turnbull said.

Vote counting is expected to resume on Monday - election officials don’t expect to have the final results until at least Tuesday - if not longer.