LIVE: Obama wins US election

Barack Obama has gained a second term as President of the United States, winning an election that had seen huge numbers of voters turning out to have their say.

Locally, former Prime Minister Kevin Rudd tipped Barack Obama, while Shadow Treasurer Joe Hockey said an Obama loss would be a lesson in not 'over-promising' in politics.

The President is likely to win by a significant margin in the electoral college, but at the moment is trailing in the popular vote. That could change when west coast votes are counted.

At 11.19pm on the east coast, lights on the Empire State building went blue, the colour of the Democrats, and the crowd at the McCormick Centre in Chicago, where a huge Obama rally was being held, exploded with joy.

Read more: Obama wins through 'ruthless and discliplined campaign'

Live video: Streaming coverage as the election draws to a close. Press play below to view live coverage.

Gallery:  Top 10 screen Presidents

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