The Coalition will retain government after Bill Shorten conceded Labor had lost the election.

On Sunday morning, Labor leader Bill Shorten telephoned then-caretaker Prime Minister Malcolm Turnbull to formally concede defeat.

Counting continues across the country with five seats still too close to call. The Coalition has won 74 seats and the ALP 66.  Four seats in the new House of Representatives will be held by independents and one by the Greens.

Mr Turnbull will need to replace up to three ministers, who have lost their seats, with suggestions that he should promote rising conservative stars to placate the coalition's right wing.

The prime minister also needs to sign a new coalition agreement with the Nationals before his re-elected government can be sworn in.

Fortunately, he has time on his side since Governor-General Peter Cosgrove is on an official visit to France over the next week.

Mr Turnbull expected Liberal and Nationals MPs would meet in Canberra on July 18.