Counting was continuing in the NT on Sunday with the incumbent Labor party looking set to secure at least 12 seats in the 25-seat Legislative Assembly, following a 3.3 per cent swing against it.

Labor leader Michael Gunner told supporters in a late-night speech he would lead the new government, despite losing a number of its 18 seats.

"I can tell you I am very confident Labor will form the next government of the Northern Territory," he said on Saturday.

Senator Cormann said it was too early to draw any lessons from the election when there is still a lot of counting to be done.

But he congratulated the NT's Country Liberal Party for its "great performance".

"It is very difficult in this sort of period for any opposition to get a lot of oxygen and they have obviously done a very good job," he told reporters in Perth.

The CLP appears to have increased its standing in the NT parliament by at least four seats, up from two ahead of Saturday's poll.

Senior federal Labor MP Chris Bowen said Mr Gunner's team was always going to lose some seats.

"He went into this election with a big buffer, it was almost inevitable that he'd lost some skin in this election," Mr Bowen told Sky News' Sunday Agenda program.

But nonetheless, he thought it was a strong result for Mr Gunner and expected him to lead a majority government.

"Michael Gunner has governed very strongly, not just through COVID, but through a lot of challenging financial circumstances," Mr Bowen said.

"The Labor party in the Northern Territory has brought together Territorians, just as the Labor party I believe and must do across the country."

If NT Labor secures those 12 seats, it will need another one or two to ensure it of a majority government. It won 18 seats in the 2016 poll.

But the relatively new Territory Alliance party appears to have got little traction amongst voters and might have just one seat.

Australian Associated Press