Australia's left-leaning Prime Minister Anthony Albanese triumphed on Saturday in national elections, crushing his conservative rival in a contest swayed by economic upheaval and Donald Trump.

Albanese's slow-but-steady leadership resonated at a time of global tumult, analysts said, with voters deserting hard-nosed opposition leader Peter Dutton in droves.

Not only was Albanese's Labour Party on track for an unexpectedly large parliamentary majority, but former police officer Dutton endured the rare humiliation of losing his seat.

"Today the Australian people have voted for Australian values. For fairness, aspiration and opportunity for all," Labour leader Albanese told a raucous crowd in his victory speech.

"In this time of global uncertainty, Australians have chosen optimism and determination," he added.

Elated Labour supporters swigged craft beers emblazoned with Albanese's face at an election party in Sydney, chanting his "Albo" nickname as results were declared on TV.

Albanese has promised to embrace renewable energy, tackle a worsening housing crisis, and pour money into a creaking healthcare system.

Dutton wanted to slash immigration, crack down on crime and ditch a longstanding ban on nuclear power.

US President Trump cast a long shadow over the six-week election campaign, sparking keen global interest in whether his tariff-induced economic chaos would influence the result.

"In times of instability, we expect people to go back to a kind of steady incumbent," said University of Sydney politics lecturer Henry Maher.

Dutton's policy to slash the public service rankled many as similar cuts, led by Elon Musk, brought chaos in the United States.

His flagship proposal to dot the country with nuclear reactors was also widely seen as a liability.

"Our government will choose the Australian way," Albanese said on Saturday night.

"We do not need to beg, or borrow, or copy from anywhere else. We do not seek our inspiration from overseas." (AFP)