Prime Minister Anthony Albanese has secured support for a working minority government, but remains hopeful Labor will soon secure a majority and be able to govern in its own right.
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As counting continues on Monday, and just before jetting off to Japan for the Quad Leaders' Summit, the new Prime Minister has revealed he has had discussions with existing crossbench members Rebekha Sharkie, Bob Katter, Andrew Wilkie, Helen Haines and Zali Steggall and said they had given assurances of supply and confidence.
A majority government can be formed with 76 seats in the 151 seat lower house. With Labor currently holding at least 72 seats, the extra five assurances of supply gives Mr Albanese 77 votes on the floor.
"I'm ready. I've been getting ready for some time," he said in his first press conference as Prime Minister.
"I am hopeful that we will receive a majority of members of the House of Representatives.
"At this stage, that looks most likely but of course counting continues but my expectation is that we have a majority in the Labor caucus."
The announcement of a working minority government comes just hours after an interim five-member Albanese Labor ministry was sworn in at Government House. Mr Albanese was sworn by the Governor General David Hurley, along with Foreign Minister Penny Wong, Employment Minister and Deputy Prime Minister Richard Marles, Treasurer Jim Chalmers and Finance Minister Katy Gallagher.
The Labor caucus will meet next Tuesday to formally endorse the new frontbench and is expected to be sworn in on Wednesday.
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A 2022 "teal wave" of incoming independents, including Zoe Daniel in Goldstein and Monique Ryan in Kooyong, are expected to make a record crossbench of at least 15 members. But Mr Albanese sought and secured confirmation on supply and confidence from the existing crossbench members.
He promised to treat all members with respect.
"It is important that we respect the outcome of the election on Saturday," the Prime Minister said. "I have stuck to what I said before the election, as have they. They will consider legislation on its merits. I expect that to be the case. I will treat them with respect."
He confirmed that, despite the current sitting calendar pointing to Federal Parliament returning next week, it will not sit until the writs are returned, "which won't be certainly next week".
When it does return, he said it will happen in an "orderly way".
"We will sit at some stage before the end of July. We will wait. It may will be much earlier than that," Mr Albanese said.