Ms McBain addressed her crowd of family and supporters at Club Sapphire Merimbula in good spirits just after 9.30pm, with ABC election analyst Antony Green calling the seat for Labor.

However, Liberal contender Jerry Nockles has not yet conceded.

As at 10pm, the Australian Electoral Commission has Ms McBain ahead on the two candidate preferred count 58.59% to 41.41%.

First preference counts indicate a swing of 5.5% away from the Liberal Party.

LIVE COVERAGE: Election night blog

Ms McBain won the seat with a very slim margin in the 2020 byelection following the retirement of Mike Kelly.

"The night of the byelection I stood up here and still wasn't sure what was going to happen with this seat," Ms McBain said on Saturday night.

"The biggest thing that I wanted to do was to make sure that this time around there would be no doubt in anyone's mind who had won the seat of Eden-Monaro.

"We have taken what was an ultra marginal seat and hopefully landed in safe seat territory," she said to much applause.

"To my entire team...I could not have done this without you.

"I am forever indebted to you.

"First and foremost to my family who have to go for days without seeing mum sometimes but everything I do is to make sure your future can be bigger and brighter."

Ms McBain said the results coming in from right across the country pointing to a Labor win showed "Australia is keen for change".

"They are sick and tired of a government that doesn't stand up each and every day in their best interests.

"While it may not be clear tonight, over the coming days I am hopeful we will see a Labor majority government.

"There is a better future and a better future is one with an Albanese Labor government, one that I will be very very proud to be a part of."

READ ALSO: Snapshot of Eden-Monaro on election day