Labor's Anthony Albanese has defied the so-called "incumbency curse" to be re-elected Australia's prime minister in a landslide, the BBC reported.

Official vote counting won't finish for days, but Albanese's centre-left government will dramatically increase its majority after the conservative Liberal-National coalition suffered a thumping defeat nationwide.

"Today, the Australian people have voted for Australian values: for fairness, aspiration and opportunity for all; for the strength to show courage in adversity and kindness to those in need," Albanese said.

Coalition leader Peter Dutton, who lost his own seat of 24 years, said he accepted "full responsibility" for his party's loss and apologized to his MPs.

The five-week campaign was dominated by cost-of-living concerns – particularly the affordability of healthcare and housing – with issues like energy and climate change, international relations, and migration also rearing their heads.