Oakeshott was re-elected in the 2010 Australian federal election. With neither Labor nor the Liberal/National Coalition having enough members to form government on their own, he became one of a number of independents whose support was sought by both sides in a bid to form a minority government. Among the legislation that he supported was the proposed emissions trading scheme. Oakeshott decided with the other incumbent independents, Bob Katter and Tony Windsor, to negotiate as a bloc. While holding different opinions on the issue of climate change, all three have highlighted broadband as a policy important to them. Oakeshott expressed his desire to establish stable government and raised concerns that a 76-seat government was "a by-election away from trouble" and, to avoid this, he proposed the formation of a government with ministers from both of the usually antagonistic major parties. If no stable government capable of governing for the full three-year term could be formed, he recommended that the government should call a new election.