Turnbull, whose victory speech came hours after opposition labor leader Bill Shorten rang him to conceded defeat, said it was vital for the country that all sides of politics worked together to make this term of parliament work.
"We've won the election, that's what we've done. The most important people to thank are the Australian people because we have resolved this election and have done so peacefully," Turnbull, 61, said.
According to mediareports, Turnbull will not be officially sworn in for at least one week as the governor general isoverseas and was unable tooversee the ceremony.
Turnbull indicated that some changes in the his cabinet teamafter losing some of his cabinet members.
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"A number of our members have not been returned, I want to acknowledge them for their candidacy, I want to thank them for their service and acknowledge their going through a tough time and it is a tough business," Turnbull said at apress conference.
Welcomed Shorten's statement on reaching"common ground" on key issues with the government, Turnbull said his granddaughter was on his lap when he took Shorten's call and he was "deeply, deeply touched" by the moment.
"That's a moment I'll never forget. It was a reminder that we are trustees for future generations. Everything we do is about the future," Turnbull said.
After eight days of vote counting, Liberal-National coalition has won74 seats in the 150-seat House of Representatives and Labor was at66 seats with five seats still too close to call.