STORY: Speaking to supporters, Albanese said it was an extraordinary honour to lead the country and that he wanted to bring Australians together.
"My fellow Australians, it says a lot about our great country that the son of a single mum who was a disability pensioner, who grew up in public housing down the road in Camperdown, can stand before you tonight as Australia's Prime Minister."
He continued: ""I want Australia to continue to be a country that no matter where you live, who you worship, who you love or what your last name is, that places no restrictions on your journey in life."
In results so far, Labor had yet to reach the 76 of the 151 lower house seats required to form a government alone. Final results could take time as the counting of a record number of postal votes is completed.
With 55 percent of the vote counted, Labor had 72 seats and Morrison's coalition 52. Independents and the Greens held 11, the Australian Broadcasting Corp projected. A further 16 seats remained in doubt.