The incumbent Liberal–Country coalition led by Prime Minister Robert Menzies defeated the opposition Labor Party under Arthur Calwell, despite losing the two-party-preferred popular vote.

In his first election as Labor leader, Calwell significantly reduced the Coalition's margin, gaining 15 seats to leave the government with only a two-seat majority.

This saw an increase in popularity for Labor; Menzies' case was not helped by an approach seen by the press, notably The Sydney Morning Herald, as inappropriately paternalistic.

The most notable casualty was Earle Page, the third-longest serving MP in Australia's history, and briefly Prime Minister.

His Labor opponent, Frank McGuren, needed a seemingly daunting 11-point swing to win the seat, but won by a slim three-point margin on the second count.