Embattled Australian Prime Minister Malcolm Turnbull on Wednesday pulled within striking distance of the votes needed to form a narrow majority government in a cliffhanger election that has left the nation in limbo and his leadership in doubt.

"The government is still on track to form a majority government," Treasurer Scott Morrison told Australian Broadcasting Corp. (ABC) radio on Wednesday.

Electoral officials are counting 1.5 million postal and absentee votes that will be crucial to the result of Saturday's poll, which saw a swing against Turnbull's conservative coalition government and the rise of populist independents.