Prime Minister Scott Morrison looks likely to win 77 seats, allowing him to appoint a Speaker and govern in majority.
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.
If the current count trends continue, this will give the Liberals 77 seats in the 151-seat House of Representatives, with Labor on 68 and six crossbenchers.
Independent MP Kerryn Phelps was due to concede defeat in the NSW seat of Wentworth on Monday, losing to the Liberals' Dave Sharma after only six months in parliament.
With 84 per cent of the vote counted, Labor MP Susan Templeman leads her Liberal rival Sarah Richards by 312 votes in Macquarie.
Liberal candidate for Chisholm Gladys Liu leads Labor's Jennifer Yang by 166 votes in Chisholm.
And the Liberals' Bridget Archer is 437 votes ahead of Labor MP Ross Hart in Bass.
In the previous parliament the numbers were: Liberals 58, Nationals 16, Labor 69, Greens 1, Centre Alliance 1, Katter's Australian Party 1, independents 4.
Australian Associated Press