Tony Abbott will be Australia's 28th prime minister with the Liberal-National Coalition winning a resounding majority in the House Of Representatives.
The exact number of seats falling to each party had not been determined by the end of polling day. Some predictions had the Coalition winning around 90 seats and Labor more than 50.
The battle for the Senate remains up in the air and will be determined in the next day or so.
Some results of particular interest:
Kevin Rudd will retain his seat of Griffith in Queensland, after a close race.
Labor's Chris Bowen has retained his seat of McMahon, and Wayne Swan has retained his seat of Lilley.
The Nationals' Barnaby Joyce has claimed the seat of New England from retiring independent Tony Windsor.
The Greens' only MP in the House of Representatives, Adam Bandt, looks likely to retain his seat of Melbourne, which Labor hoped to win back.
Mining magnate Clive Palmer looks likely to win the seat of Fairfax.
Former Prime Minister Julia Gillard, who was dumped by the Labor party as leader and replaced by Kevin Rudd in late June, has broken her silence on election-related matters.
Former Labor Queensland Premier Peter Beattie has failed to win the seat of Forde from Coalition incumbent Bert van Manen.
Liberal member for Indi, Sophie Mirabella, is in danger of losing her seat to independent Cathy McGowan.