John Key on Aus election: 'Winning ugly is better than losing tidy'

John Key says the outcome of Australia's election is important for New Zealand, and that Malcolm Turnbull's biggest challenge is not election night, but about getting on and delivering results.

NZ Prime Minister John Key says Australia’s challenge is not a close election night but about delivering results. Source: Q+A

At the moment, it's too close to call who's got it in the bag, despite Australian Prime Minister Malcolm Turnbull delivering a searing victory speech overnight.

Each major party currently has 67 seats each, with about 30 per cent of votes left to be counted.

The New Zealand Prime Minister says on the basis that the Coaltion has the majority, he hopes Mr Turnbull will put his best foot forward.

"We need Australia over the next three years to be a strong and vibrant economy, they're our biggest trading partner, it's important to us," Mr Key told ONE News Political Editor Corin Dann, live on TVNZ's Q+A programme this morning.

Mr Key likened an election to a rugby world cup, saying it's not about how you win, it's about getting results once elected.

"Winning ugly is better than losing tidy," he told Q+A.

The Australian Labor Party believes a hung parliament is still possible after yesterday's election count was at 50-50 per cent in its favour with 65 per cent of the vote counted.

But it could be a number of days before an election result is determined and a hung parliament could be looming.

Labor leader Bill Shorten conceded the 67 seats Labor looks set to win means it cannot govern alone, 76 are needed to form a majority.

The Coalition looks to have secured 74, losing at least 11 seats and much of the majority it held in 2013.