Polls have closed in Israel's election, with exit polls suggesting the results could be too close to call.

Prime Minister Benjamin Netanyahu's party is neck-and-neck with Benny Gantz's centrist Blue and White Party.

Netanyahu may relay on a far right party to form a coalition government.

Israel correspondent Yardena Schwartz told Mike Hosking alternatively, Isarelis may go back to the polls for the third time this year.

"We are talking about an unheard situation, many people are worried another election could be called, and many say it will be very expensive and unnecessary."

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