World Bulletin / News Desk

Australian Prime Minister Malcolm Turnbull claimed victory Sunday, after more than a week of vote counting and doubts about whether the ruling conservative coalition would retain power.

"This is a great day today," Turnbull told a press conference in Sydney after opposition Labor leader Bill Shorten conceded defeat in the July 2 federal election.

"We have resolved this election and have done so peacefully. It's something we should celebrate and not take for granted."

Earlier in the day, Shorten announced that although vote counting continued, it became evident that the Coalition had secured enough seats in the House of Representative to form a minority or majority government.

"I have spoken to Mr. Turnbull early this afternoon to congratulate him and Lucy [his wife], and to wish them the very best," news broadcaster ABC quoted him telling a press conference in Melbourne.

"I understand we need to make this parliament function and we'll be up for that," he said.

Turnbull later welcomed Shorten's offer to find "common ground", underlining the need for “goodwill in this new parliament”.

The Coalition has won 74 seats in the 150-seat lower house, and needs at least two more to secure a majority government.

With five seats remaining in doubt, senior Coalition members expressed optimism Sunday that they would win in the Flynn and Capricornia divisions of Queensland state.

In the 2013 election, the coalition had 90 seats and Labor had 55.