After gaining the 76 seats required to govern in its own right, Labor is ready to form a majority government.
According to ABC election analyst Antony Green, the government has retained the Melbourne-based seat of Macnamara after a tight three-way race.
The results in the NSW seats of Gilmore and Deakin are still being counted, with the results in both electorates being too close to call.
The result in Macnamara will mean Labor will not have to negotiate with an expanded crossbench in order to get legislation through the lower house.
While the primary votes were tight in Macnamara between Labor, the Greens and the Liberals, the preference flows allowed for Labor incumbent Josh Burns to hang on to the seat
As of Monday night, Labor had a narrow lead in Gilmore, after they had trailed the Liberals in early stages of the count.
However, there are still large numbers of absentee and declaration votes still to be counted.
In Gilmore, current Labor MP Fiona Phillips is ahead of Liberal challenger Andrew Constance by just 142 votes.
Labor’s Matt Gregg has managed to narrow the gap slightly against Liberal incumbent Michael Sukkar in Deakin.
However, Mr Gregg is still trailing by 619 votes in the Melbourne-based seat.
The news comes as the Liberals elected their new party leader, with Peter Dutton set to become the next opposition leader.
Sussan Ley was also elected as the deputy Liberal leader.
Both were elected into the role at a party room meeting unopposed.
The Nationals also voted for a new leadership team on Monday, with David Littleproud taking over from Barnaby Joyce, while Perin Davey was named as deputy.
The government will name its new cabinet on Tuesday, before being sworn in on Wednesday.