7.59pm: Despite some good swings to the new LNP I believe Labor will be returned with a much-reduced majority. In the old Parliament Labor had a huge majority of 37 seats - LNP 23 seats, Labor 63. It was a huge ask for the new LNP to win. My prediction is based on the ABC's extrapolation of trends given 19% of the vote counted. The LNP needed about an 8% swing to form government - I cannot see them getting that.
Update: By 9-30pm it was all over. The LNP only got a swing of 3.1% and the Labor Party are returned. The number of LDP seats will go up to around 32 which still leaves Labor with a big majority. The result a disappointment for conservative politics in Australia. The economy is not yet driving voters from Labor.