That is pretty much what they’ve had in the UK. Labour lost massive numbers of seats, the Tories appear to be solidly short of a majority and the LibDems simply failed to convert support in votes.
It is possible, even more than probable, that another election would lead to an even more balanced parliament. If there is another election held in a short while when a minority Tory administration has had to impose significant cuts and do many, many unpopular things without being able to do anything that has an upside they are likely to lose as many seats as they might gain. While it is hard to see Labour gaining the 70/80 seats they would need to command a majority. It’s not a rerun of a British election in 1983, it is more like Ireland in 82/83.