10.15 In his first speech as PM, Tony Abbott promised a government that will "govern for all Australians including those who haven't voted for it".
9.59pm: A cheerful Kevin Rudd has conceded defeat and stood down as leader.
9.16: Ann Sudmalis is sitting on 26,462 and Neil Reilly on 22,213. Word is Mr Reilly won't concede tonight
Labor has lost but analysts are saying it hasn't been as bad as they might have expected.
9pm :Ann Sudmalis and Joanna Gash are on their way to the supporters' party ABC TV are giving it to Ms Sudmalis.
About 57 per cent of first preference votes have now been counted in Throsby. Stephen Jones is on track to retain the seat having attracted 23,851 votes, ahead of Larissa Mallinson (Liberal Party) with 12,836 and National Party candidate Gary 'Angry' Anderson with 5293 votes. On a two-party preferred basis, Mr Jones has 59.19 per cent of the vote compared to Ms Mallinson, a swing away from Labor of 2.92 per cent.
8.47pm ALP blame game in full swing. Party members saying Rudd must quit as leader.
With 60 % counted In Throsby both the ALP and Libs have suffered swings against but Gary Angry Anderson has a 5% swing to.
8.30pm Informal vote so far in Gilmore - 3,087 - 5.64% (53 per cent counted); for Throsby 5,091 - 9.36 per cent (55 per cent counted)
It looks like Kevin Rudd will retain his seat but is expected to concede shortly.
It Appears Clive Palmer will win Fairfax and a seat in Parliament.
8pm Stephen Jones (ALP) is returned in Throsby -53% of the vote counted - 22, 957 Larissa Mallinson 12,107.
Intriguing tussle in Gilmore Neil Reilly 18,939, Ann Sudmalis 22,610 - Greens candidate Terry Barratt (4846) and Palmer United candidate Lyndal Harris 3452.
Nationally, with 34% of the vote counted, there's a 3.2% swing to the Coalition.
7.25pm: Tally ALP down 10 seats, Coalition up 12.
7.10pm: They've got a bit more of a wriggle on now - 12% now - Stephen Jones (ALP) 5646, Larissa Mallinson (Lib) 2475, Gary Anderson (NAT) 1174 and Peter Moran (Greens) 559
First concession ove the evening is Craig Thomson's seat of Dobell.
Early numbers in Kevin Rudd's Queensland seat of Griffith - K.Rudd 2556 LNP Bill Glasson 2425In Tony Abbott's northern Sydney seat of Warringah with 95 counted Mr Abbott has 5653 and his nearest rival the ALP's Jules Zanetti has 1653. Greens' Will Kitching is also polling strongly with 1310
Setting a cracking pace in Gilmore 29% counted. Latest figures are Ann Sudmalis 12,861 and Neil Reilly 9957.
7.00pm: Slow off the mark in Throsby just over 2% counted Stephen Jones (ALP) 858, Larissa Mallinson (Lib) 590, Peter Moran Greens 138 and Gary Anderson (Nats) 304
Welcome to our election night rolling coverage with updates nationally and locally.
Exit polls are predicting a strong Coalition victory -bigger than that in 1996.
Some analysts are calling a bloodbath in NSW and a wipeout on QLD.
76 seats are need for victory.
Things look like being close in Gilmore - with just over 7% of vote counted Ann Sudmalis (LNP) has 2,985 votes and Neil Reilly (ALP) 2472. Next closes is Terry Barratt (Greens) 564.
The Prime Minister is expected to hold his seat.