Malcolm Turnbull went to the election warning against the instability of a “hung” Parliament and a minority Labor government. It’s now clear that the most unstable outcomes within the range of possibility are those where the LNP forms a government with 76 seats (working majority of 1) 75 or 74 (presumably relying on Bob Katter and/or Nick Xenophon for confidence votes). The knives are already out for Turnbull, and there are at least three potential successors in the wings, all convinced they could do a better job than Turnbull or either of their rivals. So, any understanding Turnbull might reach with independents is liable to be overturned at any moment.
On the Labor side, the rules changes introduced by Kevin Rudd make it just about impossible to remove a sitting PM, and there is, in any case, almost no appetite for a change. So, if Labor manages 72 seats or more and forms a minority government, there’s a good chance that the government and parliament could run its full term.