The member for Lyne, who was convincingly re-elected to the position at Saturday's federal election, is one of five men from across the country playing a pivotal role in deciding who will govern Australia for the next three years.

As has been heavily publicised over the last three days, neither Labor nor the Liberal/ National coalition has won enough seats in the House of Representatives to form a majority government.

That means the balance of power falls to three independents, possibly four, and a Green MP who will decide who leads a stable minority government for the coming term.

As of yesterday the Australian Electoral Commission website had the Labor Party at 50.67 per cent of the vote and the Coalition at 49.33 per cent (two-party preferred) and confirmed Australia is set for a hung parliament, the first since World War II.

Mr Oakeshott has fielded calls from Prime Minister Julia Gillard and Opposition Leader Tony Abbott and has held preliminary discussions with fellow independent MPs Tony Windsor from New South Wales and Bob Katter from Queensland.

It looks like the three men could head to Canberra for talks with the main party leaders.

Speculation is mounting over which way their support will go and in between negotiations the three independents have spoken to countless media outlets over the past three days.

Mr Oakeshott said it is a time for "clear and calm heads".

He places a big emphasis on the need for the 150 people elected to the House of Representatives to work together to create a stable government and a government that can deliver.

"It's not about the blue team and the red team.

"This could be a really enlightened moment if people of all political brands are willing to focus on their country instead of their political party," he said.

"If we can't get that, let's go back to the ballot box."

On his priority list going into negotiations is equity and a fair go for regional and rural Australia.