Bill Shorten has conceded defeat to the Coalition from Saturday’s election and announced he’ll be stepping down as federal Labor leader.

Several seats remain in limbo but all indications point to the fact Labor can not form government.

Mr Shorten’s concession paved the way for a victory speech from Scott Morrison.

“I have always believed in miracles!” he exclaimed before party faithful.

“How good is Australia!”

Mr Morrison dedicated the victory to the people he calls the “quiet Australians”.

“It’s always been about them. It’s always been for those of you watching this at home tonight, for me and for my government, for all of my team, it’s all about you.”

Click PLAY to hear Neil Mitchell and Nick Economou, from our election coverage, summarise “an extraordinary result”