Counting continued on Tuesday and the race remains too close to call.
Mr Turnbull said he remained confident he could get the seats necessary to form a majority government.
His office denied accusations made by opposition leader Bill Shorten that he planned to hold a snap election in the wake of an unclear result.
Australia faces the prospect of a "hung parliament" if neither of the two main parties reaches the 76-seat quota.
With almost 80% of the vote counted, 10 seats remain in doubt, according to the Australian Broadcasting Corp.'s (ABC) analysis.
