UPDATE: THE Liberals have pegged back Labor's lead in counting in Corangamite today, but still trail by more than 700 votes.
At 1.24pm today, Labor incumbent Darren Cheeseman was leading Liberal challenger Sarah Henderson by 735 vvotes after distribution of preferences, having clawed back almost 200 votes from Labor's overnight lead.
Mr Cheeseman currently holds 50.4 per cent of the two-party-preferred vote, with fewer than 6000 postal votes, or less than 6 per cent of votes still to be counted.
The surge to the Liberals this morning throws the likelihood of a Labor victory into doubt again, although it will be hard for the Liberals to peg back the 700-plus vote lead.
The final result could still be days away, with legislation requiring 13 days after election day to be allowed for postal votes to come in. That time period doesn't expire until Friday this week.
If Labor wins Corangamite, the final seat tally is likely to be 73 for the coalition, 72 for Labor, four independents and one Australian Greens MP.
If the Liberals did get up, they will command 74 seats in the 150-seat House of Representatives, just two short of an absolute majority.
One coalition MP - WA Nationals MP Tony Crook - has declared he will sit on the cross-benches, reducing the Labor-coalition split to 72-all if Labor takes Corangamite, or 73-72 in favour of the coalition if the Liberals win the seat.
