More than 14 million Australians cast their votes before polls closed at 6pm today (8am GMT).

Amid predictions of a hung parliament and late opinion polls putting the government and opposition tied on 50 per cent each, the Australian Broadcasting Corporation said that with just 2.4 per cent of the vote counted, there was a swing of 2.5 per cent towards the Liberal-National Coalition.

Earlier, a Galaxy exit poll put Labour ahead on 52 per cent to the Coalition’s 48 per cent.

A separate Sky News exit poll from 30 marginal seats put Labour on 51 per cent to 49 per cent for the Liberal-National Coalition.

However, pollsters warned that the race was so tight that it could still go either way.

“We’ve always got a couple of percent margin for error on these things, so really all I can say is the poll says a narrow Labour win but the range of possibilities are still a narrow Conservative victory through to probably comfortable Labour (win),’ Auspoll analyst John Armitage said.

Both Julia Gillard, the prime minister, and Tony Abbott, the leader of the opposition, were watching the counting with baited breath.

Ms Gillard is due to appear at a Labour Party function in Melbourne later, while Mr Abbott is scheduled to attend a Coalition event in Sydney.

Both candidates used the final days of the close race to repeat their core messages, with the prime minister calling onAustralians not to risk a Coalition government and choose her “positive plan”.

Mr Abbott, whose fortunes benefited from a 36-hour marathon of non-stop campaigning at the end of the week, said the prime minister was sounding “shrill and desperate” and that he believed his party could get across the line.

While the five-week election campaign has been light on policy and ideology, it has not been without drama, turning into apresidential-style race likened at several points to a soap opera.

Mr Abbott, who the Labour Party had written off as unelectable a matter of months ago in a dangerous underestimation, transformed his image from maverick and unpredictable politician into a capable and viable prime minister. He gained momentum in the crucial final days of the campaign with an impressive display of stamina and political skill, covering 10 electorates in a day and a half, and even fitting in time to play a round of tennis and buy his wife a bunch of flowers.

Conversely, Labour ran a patchy campaign, which was badly overshadowed by voter concerns over the ugly manner in which Mr Rudd was deposed just two months before polling day.

Labour had vainly hoped that the electorate would forget that Ms Gillard had knifed her boss, but the audacious coup offended the Australian sense of decency and a deeply-held belief that even unpopular leaders deserve a fair go.

The result of the election is likely to hinge on a few marginal seat in the eastern states of Queensland and New South Wales.

If neither party manages to secure the 76 seats they need to form government, then the fate of the nation will rest in the hands of three independents and one Greens Party member who is likely to be elected for the first time.

The first results are expected at 9.30am London time, but election analysts have predicted a long night of counting before a clear winner emerges