Turnbull claimed the win after the Labor opposition conceded defeat.

After eight days of uncertainty and one of Australia’s closest call elections ever, Liberal leader Malcolm Turnbull has claimed the coveted position of the country’s new Prime Minister, a job role the politician has said he’d been lusting after since he was a young boy.

“This is a great day today,” Turnbull said of his expected re-election to the role of Prime Minister during a press conference in Sydney.

“We have resolved this election and have done so peacefully. It’s something we should celebrate and not take for granted.”

Both major parties fell short of the 76 or more seats required for a parliamentary majority following last week’s polls, which continue to be tallied, however the Coalition took a narrow lead last night and now looks increasingly likely win at least 76 seats in the House of Representatives, prompting Labor leader Bill Shorten to concede defeat to the Turnbull government.

“I respect that Mr Turnbull has won government – be it a minority government or a majority of one or two seats,” Shorten said, adding that the polling procedures are in dire need of an update after a particularly drawn-out election.

“We’re a grown up democracy – it shouldn’t be taking eight days to find out who won and who lost,” he said.

“We can’t afford to let Australia drift for eight days after an election.”

Looking to the future, the Prime Minister said he planned to work closely with Labor to fund public services while staying on top of the budget.

“These challenges are not easy, there’s no simple solution, but that’s why they need our best minds, our best brains, above all our best goodwill in our new parliament to deliver that.”

Comment: What’s your reaction to the 2016 Australian election results?