If Labor wins 73 of the 150 seats in the House of Representatives, it could still cobble together a minority government.
With the help of the new Greens MP in Melbourne Adam Bandt and the likely Independent "Green" MP in the Tasmanian seat of Denison Andrew Wilkie, the Labor Government would effectively have 75 seats to the Coalition's 72.
If Bob Katter was made Speaker of the House of Representatives, Labor would control the floor of Parliament 75:74, even assuming the two Independents from NSW, Tony Windsor and Rob Oakeshott sided with the Coalition.
Alternatively, the three Independents might accept that the ALP received a higher two-party preferred vote across Australia than the Coalition and side with Labor.
On the current figures, this would give the ALP a total of 78 seats (including 4 Independents and 1 Green) to the Coalition's 72.
This would be seen as a remarkable victory for Julia Gillard and would leave Tony Abbott reeling for the next three years.