'It is possible': Frydenberg not ready to concede defeat in Kooyong

Treasurer Josh Frydenberg says he is not ready to concede defeat in his seat of Kooyong.

Speaking to the media this morning, Frydenberg said 16,000 postal votes were still to be counted in Kooyong, which amounted to 12 per cent of the overall vote.

"It is mathematically possible that I could retain Kooyong, but it is obviously very, very difficult," he said.

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"That being said, I will wait until more postal votes are counted before saying any more about the particular results in Kooyong.

Frydenberg was asked if Scott Morrison was to blame for the Coalition's crushing defeat.

He responded by saying there were "a lot of factors" involved, and he remained loyal to Morrison in order to provide stability to the country's leadership.

"I think he has provided outstanding leadership, extraordinary leadership in extraordinary times," Frydenberg said.

"There was no playbook for the pandemic."

With just over 67.8 per cent of the vote counted, teal independent Monique Ryan is ahead of Frydenberg on preferences by a projected 54.4 per cent to 45.6 per cent.

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Speaking at her campaign headquarters last night, Ryan all but claimed victory.

"We don't have a concession (from Josh) we don't have an answer tonight but I think we know what will happen," she said.

"Kooyong has changed forever."

She said the "climate" had changed in the seat.

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Speaking to Nine, Ryan wouldn't commit to supporting a Liberal minority government despite pointed questioning from former Foreign Minister Julie Bishop.

"At this point I'll continue to say what I've said throughout the campaign, that I will talk to either of the major party in that instance about the things that matter to the electorate of Kooyong and I will deliver on those things for the people of Kooyong," she said.

"The people of Kooyong have not brought the sitting member back at this point. If they have elected me, then they have elected me because they want action on climate change and an integrity commission and those are the things that I will try to deliver for them."

Frydenberg was elected as MP for Kooyong in 2010, and was appointed Treasurer and deputy Liberal leader under Scott Morrison in 2018.

He was considered a potential leader-in-waiting of the Liberal party, but his likely exit from Parliament would leave Defence Minister Peter Dutton in the box seat.