Coalition are set to form majority government with at least 76 seats

Scott Morrison’s victory was a disaster for some punters and betting agencies. Pic GettyMore

Scott Morrison’s victory was a disaster for some punters and betting agencies. Pic GettyMore

Australia's conservative coalition is poised to secure an outright majority following a shock election victory, allowing Prime Minister Scott Morrison to carry forward his legislative agenda, Reuters reports.

After announcing he was standing down following his unexpected defeat on Saturday, Bill Shorten on Sunday announced he had asked the National Secretary to convene a meeting of the National Executive to begin the process of electing a new Labor leader.

Trump tweeted "Congratulations to Scott on a GREAT WIN"! The outcome ranks as Australia's biggest election upset since 1993, when Labor Prime Minister Paul Keating was returned to power.

Out of three close seats listed on the Australian Electoral Commission website on Monday, the Liberals were on track to win Chisholm in Victoria and Bass in Tasmania, with Labor holding the NSW seat of Macquarie.

As investors cheered on Monday, the result sent Australian health-related, property and banking-related stock to an eleven-year high.

"They've had their say, they've made their decision".

After being sworn-in as the Australian Prime Minister, Morrison's first task will be a reshuffling of a cabinet after the retirement of some front-benchers.

"The cabinet reshuffle will indicate whether he plans to move on polices such as climate change", said Rodney Tiffen, Emeritus Professor of Political Science, University of Sydney. "If he replaces them with people who have argued for stronger action, it will be marker".

The defeated opposition Labor party campaigned on more aggressive targets, aiming to cut carbon emissions by 45 percent by 2030 and reach 50 percent renewable power by 2030.

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