Worst possible election result: business

The uncertain election result is the worst possible outcome and the major parties and crossbenchers must act quickly to form a government, business leaders say.

Australian Institute of Company Directors CEO John Brogden said the coalition, Labor, independent and minor party MPs must agree to a swift resolution in the event of a hung parliament and form a government as a matter of urgency.

"This election result is the worst possible outcome for Australia," Mr Brogden said.

"We need certainty and an environment for long-term policy making."

Mr Brogden said it took weeks to form a government the last time there was a hung parliament in 2010.

"Australia cannot afford weeks or months of uncertainty."

Australian Chamber of Commerce and Industry CEO James Pearson called on crossbenchers in the House of Representatives and Senate to move beyond the narrow agendas on which they campaigned and make decisions in the national interest.

"We cannot afford another three years of policy gridlock," Mr Pearson said.

Business still hopes a clear election result and a functioning parliament emerges when counting continues, Australian Industry Group chief executive Innes Willox says.

He says whoever wins has to deal with a significant array of challenges including taxation, workplace relations, budget repair and employment creation.