SYDNEY – Prime Minister Malcolm Turnbull said he’s confident his Liberal-National coalition will win Australia’s election, though stressed it was important to allow the vote count to be completed before declaring victory.

“We respect the votes that have been cast,” Turnbull told reporters Friday. “One way to show that respect is waiting for counting to be completed.”

Earlier Friday, Industry Minister Christopher Pyne declared the coalition had won and was an “election-winning machine.” Turnbull downplayed those comments, saying his Cabinet colleague was being “naturally optimistic.”

With 78% of the vote counted, the coalition is still short of the 76 seats in the 150-member lower house that it needs to form a majority government, according to a projection by the Australian Broadcasting Corp. With six districts still in doubt, the coalition has won 73 seats to Labor’s 66, the ABC said. Independents and minor parties have a further five.

It’s increasingly likely Turnbull’s coalition will be returned to office, either with a slender majority, or in a minority government with the support of smaller parties. Independent lawmakers Bob Katter and Cathy McGowan have said they would support the coalition in key votes to help it survive no-confidence motions or to pass supply bills to keep the government functioning.

Labor leader Bill Shorten said Friday the coalition is likely to “scrape over the line".

The lack of a clear outcome has paralysed Australia politically at a time when reform is needed to revitalize the world’s 12th-largest economy. S&P Global Ratings lowered the outlook on Australia’s AAA credit rating to negative from stable on Thursday as the lack of a strong mandate potentially dented the government’s prospects for reining in a budget deficit.

Australia’s complex system of preferential voting means a definitive tally in the lower house won’t be declared before July 15, the deadline for all postal votes to be received. Only 485 votes currently divide the parties, with the coalition narrowly ahead, according to the Australian Electoral Commission.