Votes in the Australian election are continuing to be counted, with Anthony Albanese set to be sworn in as Prime Minister today.

As things stand, Labor's one seat short and needs 76 to form a majority government.

Australian Correspondent Murray Olds told Mike Hosking the Coalition has 57 seats, with the moderate wing of the Liberal Party in the inner city seats, largely swept away.

He says that's been taken by the likes of "teal" independents and the Greens.

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