Counting is underway in the division of Rankin, and Shadow Treasurer Jim Chalmers has been re-elected

Adam, an organiser for the Australian Labor Party said he was confident Dr Chalmers would retain his seat but was unsure of the national result.

"Jim has a safe seat in Rankin," he said.

"I think the country as a whole is looking interesting, but I think Labor might pull ahead."

The current count by the ABC has Labor on 65 seats and the LNP on 46.

First time campaign volunteer Charlotte, who is still several years away from voting, said the whole experience had been exciting.

"I was very excited," she said.

"Everyone was fairly nice to me, I only got rejected a couple of times talking to people."

The re-elected MP was confident in predicting an ALP victory, but warned the assembled crowd that it might be a long time before the result is known.

"I have some good news and bad news," Dr Chalmers said.

"The good news is I think we've seen the end of Scott Morrison.

"The more difficult news is there's a lot more votes to count before we know if this will be a majority Labor government or a minority situation. We might not know for a day or two."

Dr Chalmers also said, should the Australian Labor Party form government, he would remain focused on achieving results in his local community.

"I won't consider myself the Treasurer who happens to come from Logan," he said.

"I will always consider myself a Logan kid who happens to be the Treasurer."

Jim Chalmers has claimed victory in the seat of Rankin, after 74.68 per cent of the ballot papers have been counted.

Dr Chalmers has increased his share of votes, earning 61 per cent when preferences are taken into consideration compared to 56.44 per cent in the 2019 election.

Every party contesting the seat had favourable swings, except for the Liberal National Party, which has had a 5 per cent swing against it.

Polling has closed and counting is underway in the seat of Rankin, and Rankin MP Jim Chalmers looks set to retain the seat he has held for the Australian Labor Party since 2013.

With 19 of the division's 42 polling centres reporting first preference results, the Shadow Treasurer has emerged the clear front-runner in the race for the seat, earning nearly 43 per cent of first preferences.

The Shadow Treasurer's lead is even greater in the Two Candidate Preferred contest, where he is currently sitting just shy of 61 per cent, compared to the Liberal National Party candidate Paul Darwen's 39 per cent.

Dr Chalmers has enjoyed a modest swing of 1.66 per cent towards him in the first preference count, while Mr Darwen and the LNP have faced a swing of 5 per cent away.

Minor parties have also made gains in the seat, with the United Australia Party seeing a favourable swing of 3.30 per cent to earn 6.36 per cent of first preferences.

Neil Cotter of the Greens has also had a swing of 1.9 per cent towards him, raking in 13 per cent of first preferences.