Prime Minister Malcolm Turnbull claims victory after close Australian election

Eight days after the country voted, Australia finally has an election result.

With a number of seats yet to be called, Prime Minister Malcolm Turnbull and his Liberal Party claimed victory Sunday local time in the 2016 federal election. "This is a great day, a great day to thank the Australian people for the decisions they have taken in this election," Turnbull said at a press conference.

The ABC election results counter currently shows the coalition of the Liberal Party and National Party holding 74 seats, with 76 seats predicted. The Labor Party holds 66 seats, with 69 expected. A party needs 76 seats to form government.

The election results were dramatically close, and the final tally may not be announced for days or weeks.

In a press conference Sunday, leader of the Labor Party Bill Shorten conceded defeat and said he had called Turnbull to congratulate him. "The Australian people expect all sides of politics to work in the national interest," he said. 

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

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Following Shorten's concession, Turnbull hailed the Australian people and their participation in democracy. "Here in Australia, we settle these deep political issues, who sits in our Parliament, who governs our country, peacefully, through democratic processes," he said.

Ultimately, the coalition will form a majority government or the country will have a hung parliament, requiring Turnbull to form an alliance with independent and minor party politicians to create a minority government. 

The Prime Minister acknowledged independent politicians, including Bob Katter and Cathy McGowan, who have also given his party a commitment of support in parliament. 

"All of our team are expected to work together with the whole parliament to deliver the good government and wise legislation, sound policies that will secure Australia's future," he said. "That is my commitment."

The Associated Press contributed reporting.

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