Scott Morrison is set to govern with a wafer-thin majority of just one seat after Labor claimed the New South Wales seat of Macquarie.

The result will deliver the Prime Minister a majority 77 seats in the House of Representatives, which has 151 members.

Mr Morrison’s historic victory against the odds – and the published polls – to deliver a third term for the Coalition was still a closely run affair.

The result means the Morrison government could still be vulnerable to rebel MPs crossing the floor on contentious legislation.

But even if a Coalition MP was to split and sit as an independent or resign, sparking a by-election in the future, the Prime Minister could continue to govern in minority with conservative independents.

In the final tally, as the counting of postal votes continue, Labor holds 68 seats, the Coalition 77 and there is a cross bench of six Independents.

Labor’s Susan Templeman was more than 500 votes ahead of Liberal candidate Sarah Richards on Monday night in Macquarie, with more than 95 per cent of the vote counted.