Mr Katter will support Mr Turnbull on supply and confidence in any hung parliament but would retain the right to change his mind.

Mr Katter spoke to media today after meeting Prime Minister Malcolm Turnbull for talks in Brisbane, with vote counting continuing and the Coalition on 73 seats needing 76 to form a majority and six still undecided.

Mr Katter said there was no written agreement.

However he said he would retain the right to change his mind on support, in assessing various issues.

He said he understood the ALP would be unable to form government and returning to an election “should not be imposed upon the Australian people”.

“Today we are announcing our support by supply and confidence for a Turnbull Government - I do so with no great enthusiasm,” he said.

Mr Katter said by reserving his rights to change his mind, he did not want to damage relationships with Labor MPs like Anthony Albanese and Wayne Swan which “have yielded great benefits for Australia”.

He said in the last hung parliament in 2010 he used 20 points during the balance of power negotiations and Tony Abbott’s Coalition “got the most ticks, so we backed Abbott”.

But he supported Kevin Rudd on both supply and confidence after he toppled Julia Gillard in mid-2013 to become Prime Minister shortly before that election.

Mr Katter said he backed Mr Rudd “Because we were in a deep hole in the cattle industry and it necessitated me changing”.

“I will maintain my right to change at any point of time in the future,” he said.

“I maintain my right to move at any point in time in another direction.”

Mr Turnbull said before meeting with Mr Katter that he remained confident of the Coalition forming government but was maintaining communications with crossbench members who may become critical in the event of balance of power talks.