At the moment (roughly 8PM eastern), the ABC have declared the following:
LNP - 70 seats
ALP - 67 seats
Undetermined - 8 seats
Total - 150 seats
Required for majority - 76 seats
Similarly, ABC has predicted that of the above 8 seats that are too close to call, the following ditribution will likely occur:
LNP - 4 seats
ALP - 5 seats
Which in total, after the assumption that the ABC's prediction is correct, we've got:
LNP - 74 seats
ALP - 72 seats
Anything is possible, but if we assume that the above will be the result, then neither party has enough for a majority in the lower house.
Further assumptions would have Bandt and Wilkie siding with the ALP, having Labor 74 seats. Katter will most likely side with the coalition, giving them 75 seats.
Then you've got McGowan (IND) and Sharkie (NXT) holding the balance of power, and we've got no idea who'd they support. If McGowan sticks to her word, she'll support neither, giving Sharkie the opportunity to support the coalition and form government on an absolute minority, or support the ALP and hope that a vote of confidence/no confidence in the house gives ol' Bill the Prime Ministership.
Very interesting times ahead if that's the case.