Shorten concedes election defeat

Bill Shorten has finally conceded Labor failed to obtain enough seats to form government a week after Australia went to the polls.

"Whilst counting has not concluded in a number of very close seats, it is clear that Mr Turnbull and his coalition will form a government," he told reporters in Melbourne.

Mr Shorten spoke with Prime Minister Malcolm Turnbull on Sunday to congratulate him on the coalition win.

"I hope for our nation's sake the coalition does a good job; I hope they run a good government," he said.

He pledged Labor would work with the coalition where there was common ground between the parties.

He thanked Australians who voted Labor, some for the first time.

"I want to reassure them, that despite Labor not winning enough seats this time, that the Labor party will stick true to its core values, its and promises and beliefs," he said.

The coalition had the numbers to pursue its policies, he said.

"I expect them to do nothing less than keep the promises that they made to the Australian people," he said.

"But we also have a mandate to stand up for Medicare, to make sure schools are properly funded and to make sure we prioritise Australian jobs."