Prime Minister Anthony Albanese made a major comeback after trailing in polls, while conservative leader Peter Dutton, hurt by Trumpian tendencies, lost his seat.

Opposition leader Peter Dutton says he accepts 'full responsibility' for the Coalition loss, as Australian PM Anthony Albanese hails the result as a vote 'for Australian values'.

"Albanese I'm very friendly with ... I can only say that he's been very, very nice to me, very respectful to me." Cost-of-living pressures and concerns about Trump's policies had been among the top issues in the Australian election, polls showed.