(SYDNEY) — Prime Minister Scott Morrison looked set on Monday to form a majority government as vote counting from Australia’s weekend election allayed fears that his conservative coalition may have to rule in the minority following its shock victory. The coalition was returned to power in a stunning result on Saturday night, after opinion polls and odds-makers had tipped the opposition Labor Party to win. The outcome ranks as Australia’s biggest election upset since 1993, when Labor Prime Minister Paul Keating was returned to power. With 76 seats in the House of Representatives needed for majority rule, figures from the Australian Electoral Commission on Monday showed 84% of the votes had been counted, with the coalition on target to win 77 seats — an increase of four after going into the election as a minority government. The Labor Party was set to claim 68 seats, with independents and minor parties taking six. Winning at least 77 seats would also allow Morrison’s coalition to appoint the house speaker from its own ranks, rather from among independent or minor party lawmakers. As Morrison began finalizing his new Cabinet on Monday, the stock market welcomed the election result.