The new Labor government will hit the ground running following the election as the exact make up of parliament remains unclear.
Labor is not yet ready to claim a majority government victory but there is a "strong and credible path" towards it, senior figures say.
While a number of lower house seats are still to be confirmed, newly sworn in Finance Minister Katy Gallagher is quietly confident Labor will reach a majority.
"We're hopeful for a majority government but there's more votes to be counted. That's the reality. We've got a few more days to go," she told ABC News Breakfast on Monday.
"There's certainly a strong and credible path to a majority for us."
The latest Australian Electoral Commission figures have Labor ahead in 75 seats and the coalition with 52 MPs.
Prime Minister Anthony Albanese, Deputy Prime Minister Richard Marles, Foreign Minister Penny Wong, Treasurer Jim Chalmers and Finance Minister Katy Gallagher were sworn in by Governor-General David Hurley in Canberra on Monday.
Mr Albanese will travel to Tokyo with Senator Wong for a summit with leaders of the US, Japan and India.
But the seat count for Australian parliament continues as a swathe of incoming independents are expected to comprise a large cross bench of at least 15 members.
Prior to the election there were seven crossbenchers.
Regardless of the parliamentary make up, the prime minister will work with the cross bench to bring the country together, Senator Gallagher said.
"We're going to have a bigger crossbench without a doubt and Anthony is exactly the type of prime minister who has the skills and strength to deal with that," she told ABC Radio National.
"The people of Australia voted for change on the weekend, not just in terms of government, they voted in terms of change about how they want to see the parliament work and Anthony's just the right guy for the job to deal with that."
Less than 48 hours after the federal election, work has already started to audit the existing budget and find instances of waste, Treasurer Jim Chalmers says.
He expects to deliver Labor's first budget in nine years at the end of October.
"This is probably the trickiest set of economic conditions that a new government and new treasurer has inherited," he told Sky News.
A third of voters supported a minor party with their first preference and senior Labor figure Tanya Plibersek said the incoming government would learn from the recent campaign to address voter dissatisfaction.
Ms Plibersek, expected to take on the education portfolio, told the Seven Network that once the dust had settled after the election Labor needed to have a close look at why people were turning away from the major parties.
