I think you will find that the current totals include voting on election day within your own electorate, and do not include postal votes, absentee votes and pre-poll votes.  Once all votes are counted the total will be closer to the 95% turnout figure.

You are correct, the average voter participation rate is approx 95%. The last time I looked the vote count was at 82.82% for primary votes; two-party prefered count was at 81.61%. I've noticed that the figure is slowly going upwards.

As Deano suggested, perhaps they haven't counted the postal, absentee and pre-elections votes yet. I imagine the swing is not an overall indicator but an up-to-the-minute (in this case every fifteen minutes) current status indicator.

Or perhaps (as you suggested) there is something more sinister. There are 2.5 million disgruntled citizens who didn't turn up to vote in protest. If that is true then this is an indication of how divisive this election was.

It turns out there was actually a significant increase in voter turnout for this election. I'm not sure why, as I don't think people were any more certain of the outcome of the last election. Maybe it's because some left wing voters weren't too impressed with Beazley and didn't bother because they didn't care who won.