With neither side having prospect of have control of 76 seats and forming a majority, the question now becomes who get the right for first dibs at forming the minority government. This goes to the party with the most seats.
Who won the most votes in either first preference or two-party preferred terms is irrelevent.
The likely maximum both LAB & LNP could get to is 73, which both can do.
It might end up with of who finishes second in Dennison (LAB leading comfortably). If it’s the LIB then Green/independent preferences win it for LAB. If the independent finishes second then LIB preferences will hand the seat to Andrew Wilkie. That may determine whether it’s 72 LAB v 73 LNP, or 73 all.
Procedure from here, unless negotiations produce a clear coalition with control of a majority:
The Governor General, Quentin Bryce, at some point before the return of the electoral writs, due befor Oct 27th, will invite Julia Guillard, as caretaker prime minister, to form a government. Guillard’s coalition would need to win a vote of confidence on the floor of parliament. If she wins, we are away at the races.
If she loses that vote then the G-G would invite Tony Abbott to form a government, again subject to being able to command a majority.
If both were to fail, then the G-G would dissolve parliament and order a new election.
A human interest snippet is that one of the key factional bossses and prime movers for the replacement of Kevin Rudd with Julia Guillard was the Victorian MP Bill Shorten. His mother-in-law is Quentin Bryce, the G-G!
The Greens have now won 9 Senate seats and will control the balance of power there. But they will not take their seats sworn July next year. The composition of the Senate (currently LAB 32, LNP 37, 5 Greens and two independents) does not change for the next 11 months.