Sri Lanka, May 3 -- Anthony Albanese has secured a stunnifederal election win while delivering a devastating result for the Coalition that cost Peter Dutton his own seat.

As counting continued on Saturday night, Labor was set to form majority government with Albanese becoming the first prime minister to win a second term since John Howard in 2004.

As of 9.45pm, the ABC had Labor on 78 seats - enough to increase its majority in parliament - with 30 seats still in doubt.

The treasurer, Jim Chalmers, declared the victory "a win for the ages".

The opposition leader was the biggest casualty of what some Liberal MPs were calling a "bloodbath", losing his marginal Brisbane seat of Dickson to Labor's Ali France.

"We did not do well enough du...