The Albanese government has been re-elected with a substantially increased majority, and Opposition Leader Peter Dutton has lost his seat, in a crushing defeat of the Coalition.

As of late Saturday night, there was a two-party swing to Labor of about 3.4%, with two-party vote of 55.5%-44.5%

It was sitting on about 86 seats (up from 78), and in the hunt for more. The Coalition, which went into the election with 57 seats, has won 41, and may pick up one or two more.

The Labor primary vote was 34.7%, up 2.1%; the Coalition primary vote was 31.1%, down 4.6%.

Among the Liberal losses is frontbencher Michael Sukkar in his Victorian seat of Deakin. Shadow foreign minister David Coleman is likely to lose his Sydney seat of Banks. Outspoken Liberal backbencher Bridget Archer has lost her Tasmanian seat of Bass.

It was all over by 8.30PM, as it became increasingly clear a big swing to Labor was underway.

A trumphant and emotional Anthony Albanese told a jubilant Labor crowd: “Australians have chosen a majority Labor government”.

“Today the Australian people have voted for Australian values. For fairness, aspiration and opportunity for all. For the strength to show courage in adversity and kindness to those in need.

"And Australians have voted for a future that holds true to these values, a future built on everything that brings us together as Australians and everything that sets our nation apart from the world.

"Australians have chosen to face global challenges the Australian way, looking after each other while building for the future.

"I make this solemn pledge. We will not forget that we will never take it for granted, repaying your trust will drive a government each and every day of the next three years.”

Albanese, who has used a Medicare card as a prop through the campaign, produced it once again. “We will be a government that helps every Australian who relies on Medicare.”

According to the ABC, seats changing hands from the Liberals to Labor are Banks and Hughes in NSW; Forde, Bonner, Dickson, Petrie, Leichhardt in Queensland; Deakin in Victoria; Braddon and Bass in Tasmania; Sturt in South Australia, and Moore in Western Australia.

It was a bad night for the Greens. They are likely to lose two of their three Queensland seats, Griffith, held by high profile MP Max Chandler-Mather, and Brisbane held by Stephen Bates.

The Greens’ expected losses occurred despite roughly holding its primary vote, which is 12.5%, up 0.2%. Their leader Adam Bandt is in trouble in his seat of Melbourne.

Dutton said in his concession speech he had called Albanese and congratulated him. “I said to the prime minister that his mum would be incredibly proud of his achievement tonight, and he should be very proud of what he’s achieved.”

Dutton said he had also spoken to Ali France, the Labor candidate who has beaten him in Dickson. “She lost her son Henry, which is a tragic circumstance that no parent should ever go through. And equally I said to Ali that her son Henry would be incredibly proud of her tonight and that she’ll do a good Local member for Dixon.”

He expressed his sorrow for the Liberal MPs and candidates who had lost.

All the teals have held their seats. The teal candidate in Bradfield, Nicolette Boele, is ahead of her Liberal opponent. The teal Jessie Price is also ahead in the ACT Labor seat of Bean.

Queensland LNP Senator James McGrath said it was a brutal night for Peter Dutton and the Coalition. “We have got to make sure we take stock of why we lost this election and have a serious review into those reasons.”

As the Liberals prepare to review their disastrous loss and choose a new leader, their Senate leader Michaelia Cash is backing fellow West Australian Andrew Hastie. “I think Andrew Hastie is an outstanding member … I’m a very good friend of his. Andrew’s always been seen as leadership material.”