No clear winner in Australia's cliff-hanger election

Sydney, Australia (CNN) -- Australia's political future hung in the balance after no clear winner emerged in Saturday's cliff-hanger election and a final outcome remained days away.

The results were "too close to call" a winner, said Prime Minister Julia Gillard, the Labor Party incumbent, in an address Saturday night to her supporters in Melbourne.

With 77 percent of the votes counted, Labor was leading with 50.5 percent of the vote, while the Liberal-National coalition of Tony Abbott had 49.5 percent, according to results posted online by the Australian Electoral Commission.

The winning party needs to secure 76 of 150 seats in parliament but analysts were predicting both parties would fall short. That means Australia could end up with its first hung parliament since 1940.