Labor loses majority but premier yet to concede defeat

The LNP was assured of 44 seats and was on track to gain the 47 seats required to form majority government, ABC election analyst Antony Green said.

"But it's certainly not the landslide it was meant to be a month ago," he said.

Mr Miles said he had given the election everything he had but Labor had lost its majority.

But he cast doubt on whether the LNP could form a majority government.

"Watching the results ... tonight has not been enough to secure a majority of seats for Labor and it is unlikely that the LNP is likely to have a majority," he said.

Mr Crisafulli would become just the second Queensland Liberal leader this millennium after Campbell Newman held power from 2012 to 2015.

The member for Broadwater had long been tipped to end Labor's nine-year rein with polls favouring Mr Crisafulli for much of the electoral term and before former premier Annastacia Palaszczuk stepped down in December.

But Mr Miles and Labor narrowed the two-party preferred vote right up until election day.

The Liberal National Party was tipped to perform more strongly than counting suggested. (Jono Searle/AAP PHOTOS)

Mr Miles and Mr Crisafulli spent the final day of the campaign pressing the flesh at polling booths but had a long night as counting showed a close-run race before pre-polls were counted.

With almost 40 per cent of the vote counted, there was a 6.0 per cent swing to the Liberal National Party - more than the 5.7 per cent uniform swing it needed to form government.

Labor went into the election holding 51 seats to the LNP's 35.

Premier Steven Miles made up last-minute ground in public opinion.

Deputy Premier Cameron Dick said his party had made an enormous improvement after facing an "absolute wipeout" in 2023.

Labor Party National President Wayne Swan said Mr Miles had put up a good fight and he hoped he remained as opposition leader.

Wayne Swan says Steven Miles has run an outstanding campaign in what could have been a wipeout. (Darren England/AAP PHOTOS)

He said Mr Miles had run one of the best campaigns he had seen in the past 40 years and had boosted the party's under 40 vote thanks to his policies and TikTok presence.

"It's been a campaign about the issues and they have achieved great cut through on - their cost of living initiatives which weren't adopted by the LNP ... great cut through when it comes to highlighting the anti-abortion US-style approach of the LNP," he told AAP."It has been a first-class campaign which has avoided what could have been a landslide four months ago."

The LNP gained the seat of Townsville, with a 6.9 per cent swing against Labor.

The number of seats in doubt was 10, with the Katter Australian Party winning three seats and the Greens just one, losing it's prized South Brisbane seat to Labor.