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Bill Shorten is so confident of winning the election that he is already planning what he would do on his first day in power.

After casting his vote in Moonee Ponds, Victoria and awkwardly eating a democracy sausage, the Labor leader gave a short speech outlining his priorities for government.

Standing alongside his popular wife Chloe, he declared that his first move will be to make a law raising pay for shift-workers at nights and weekends.   

After casting his vote in Moonee Ponds, Victoria and awkwardly eating a democracy sausage, the Labor leader gave a short speech outlining his priorities for government

Opposition Labor leader Bill Shorten and his wife Chloe arrive at a polling station in the Melbourne suburb of Moonee Ponds to cast their vote in

Bill Shorten kisses a voter's baby in Melbourne before hugging an elderly voter in the line to cast a ballot

Australian Prime Minister Scott Morrison was at the Ulverstone Secondary College during Election Day in Ulverstone, Tasmania

Prime Minister Scott Morrison and wife Jenny are seen with the Liberal candidate for Braddon, Gavin Pearce (rear second right) and a voter with a young child

The 52-year-old said: 'In the event that the people of Australia voted for action on climate change, we will be ready to hit the ground from tomorrow. We'll be ready to start straight away and we will start straight away.

'My first cabinet meeting, the first order of business, we will put a submission to the independent umpire to get the wages moving again for millions of our fellow Australians. 

'My first legislation will be to reverse the cuts to penalty rates.'

Mr Shorten also explained that tackling climate change is another priority, saying: 'We will convene the parliament as soon as possible to start action on climate change.  

A reporter asked Mr Shorten if he would quit politics if he lost the election. 

'Let's hold the horses here,' the leader replied. 'I'm confident that Labor can win. Is Mr Morrison staying around? Have you asked him?'

Australian Opposition Leader Bill Shorten and his wife Chloe share a moment after casting their votes at Moonee Ponds West Primary school in Melbourne

Bill Shorten speaks to voters at a polling station after casting his vote in the Melbourne suburb of Moonee Ponds

Bill Shorten enjoys a sausage at a polling station after casting his vote in the Melbourne suburb of Moonee Ponds

Opposition Leader Bill Shorten waves goodbye after casting his vote at Moonee Ponds West Primary school 

Bill Shorten drinks a coffee at Carnegie Primary School, in the seat of Higgins after arriving from Moonee Ponds

Polls suggest the opposition leader is on track to become prime minister and lead Labor to government for the first time since 2013.

Mr Shorten and his wife Chloe met voters in long queues before casting their ballots on Saturday.

He chomped a sausage sandwich afterwards, partaking in one Australia's great election day traditions.

'Tastes like a mood for change,' he said.

Mr Shorten kicked off his day in trademark fashion, with a morning run around Melbourne wearing a red t-shirt with 'Vote 1 Chloe Shorten's husband'.

He then switched outfits, donning a suit as he made a final pitch to voters on breakfast television.

The Labor leader is expected to spend the day on polling stations around the Victorian capital, considered a key battleground in the election.

People queue to cast their votes at Moonee Ponds West Primary school during Election Day in Melbourne

Opposition Labor leader Bill Shorten speaks to voters at a polling station after casting his vote in the Melbourne suburb of Moonee Ponds during Australia's general election

Voters at the Bondi Surf Life Saving Club, in the seat of Wentworth, with a tight battle between incumbent Prime Minister Scott Morrison of the Coalition party and Labor Leader, Bill Shorten

People vote at Burleigh Heads RSL Hall on the Gold Coast, Queensland as the federal election enters its final day

An anti-Abbott and anti-church campaigner outside a polling booth at Queenscliff Surf Life Saving Club in the seat of Warringah

Surfers walk past political posters at a polling booth at Queenscliff in the set of Warringah on Election Day in Sydney

Meanwhile, Prime Minister Scott Morrison is keeping the faith as he stares down a likely election defeat.

All signs suggest the coalition will be sent packing after a narrow Labor win on Saturday night.

'I think it will be a long night. I've always said this election will be close,' Mr Morrison told Sunrise on Network Seven.

'Five weeks ago people weren't saying that, but I've always known it to be the case.'

The final Newspoll of the campaign shows Labor edging ahead of the coalition by 51.5 to 48.5 per cent on a two-party preferred basis.

But both sides believe battles in 20 key marginal seats across the country will decide the result. 

Prime Minister Scott Morrison talks to locals at Ulverstone Secondary College, 20 km west of Devonport

Prime Minister Scott Morrison arrives at Ulverstone Secondary College, 20km west of Devonport, Tasmania on election day

A 'Kater Australia Party' volunteer is seen at the Belgian Gardens State School on May 18, 2019 in Townsville

The Greens voters are seen as Bill Shorten visits Carnegie Primary School, in the seat of Higgins, Melbourne

Mr Morrison spent his election morning in Tasmania where the coalition is soaking up every vote possible to take the marginal seats of Bass and Braddon from Labor.

He will then fly to Sydney to cast his own vote in the Sutherland Shire, before campaigning with other MPs in marginal electorates across the city.

The prime minister has presented this election as a presidential-style race between himself and Mr Shorten.

Voters will now deliver their verdict on whether his frenetic five-week campaign has been enough to secure the coalition a third term in power.

Mr Morrison spent the final full day of his campaign targeting a clutch of key seats throughout Queensland and NSW.

The Liberals are expecting reasonable results in both of the states, with Victoria and Western Australia firming up as the crucial battlegrounds. 

Scott Morrison with the Liberal candidate for Braddon, Gavin Pearce (left) at Ulverstone Secondary College

Scott Morrison with Tasmania Premier Will Hodgman (left) at Ulverstone Secondary College before he flew to Sydney