Australia's ruling conservatives have triumphed in last week's general election, it was confirmed on Saturday.

Opposition Labor leader Bill Shorten conceded defeat, clearing the way for Prime Minister Malcolm Turnbull to retain power.

Counting of votes in the marathon election continues, but Mr Shorten said the ruling coalition government headed by Turnbull would secure enough seats to retain power.

The Liberal-National coalition requires 76 seats to claim a majority in the lower house, the House of Representatives.

Labor is currently on 66 seats.

"It is clear that Mr Turnbull and his coalition will form a government," Mr Shorten said.

"So I have spoken to Mr Turnbull earlier this afternoon to congratulate himand [his wife] Lucy and to wish them my very best".