Australia's Prime Minister Malcolm Turnbull on Sunday said his ruling government has won victory in the federal election.

Although the final vote count hasn't come in, forecasts predict that the ruling conservative party will gain enough seats to secure an outright victory. Australia's opposition Labor Party has already conceded defeat.

Although Turnbull will remain in office, his gamble in calling an election backfired badly as the center-left Labor opposition and minor parties and independents ate into his majority lead.