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

Official vote counting won't conclude for days, but Albanese's centre-left government is set to dramatically increase its majority after the 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 apologised to his MPs.