Published by Global Banking & Finance Review®
Posted on March 27, 2025
3 min readLast updated: January 24, 2026
Add as preferred source on GoogleAustralia's PM Albanese calls a national election for May 3, focusing on cost-of-living issues. The race is tight against the Liberal-National coalition.
By Alasdair Pal and Renju Jose
SYDNEY (Reuters) -Australia's Prime Minister Anthony Albanese on Friday called a national election for May 3, launching a five-week campaign that is set to be dominated by cost-of-living pressures.
Albanese's Labor party won a majority at the last federal election in 2022, but most recent opinion polls show the party neck-and-neck with the opposition Liberal-National coalition when votes from smaller parties are redistributed.
"Our government has chosen to face global challenges the Australian way - helping people under cost-of-living pressure, while building for the future," he told a press conference. "Because of the strength and resilience that our people have shown, Australia is turning the corner. Now on 3 May, you choose the way forward."
Albanese earlier in the morning met the country's Governor-General Sam Mostyn to seek permission to call a nationwide federal election.
Under Australia's constitution the prime minister must formally seek permission to call an election from the governor-general, who represents the head of state, Britain's King Charles.
Three-year term limits mean Australia must go to the polls by May 17 at the latest to elect a new parliament.
TIGHT CAMPAIGN
Albanese has announced a slew of measures aimed at pleasing families and businesses in recent months, including tax cuts in Tuesday's budget, with the rising cost of living in the country set to dominate the campaign.
A close-run election could mean no single party or coalition of parties will be able to form a government on its own, instead relying on smaller parties to command a majority in the country's lower house.
Albanese, a long-time Labor lawmaker who grew up in government housing, came to power on a wave of personal popularity, but has suffered from the rising cost of living and a steep rise in interest rates during his tenure.
Falling inflation and the decision by Australia's central bank to cut interest rates for the first time in five years at its February meeting have done little to help Albanese's polling numbers.
After enjoying a healthy lead for much of his term, his personal approval ratings are now close to those of Liberal leader Peter Dutton, a former police officer and the interior minister in the last Liberal-National government.
Dutton has campaigned on law-and-order and a plan to adopt nuclear power in the country, in opposition to Labor's transition to renewable energy.
Both leaders have promised an extra A$8.5 billion ($5.42 billion) over four years to shore up the country's public healthcare system.
($1 = 1.5694 Australian dollars)
(Reporting by Alasdair Pal and Renju Jose in Sydney; Editing by Michael Perry and Jamie Freed)
PM Anthony Albanese has called a national election for May 3.
The election campaign is expected to be dominated by cost-of-living pressures.
Albanese has announced tax cuts and additional funding for public healthcare to please families and businesses.
Recent opinion polls show the Labor party neck-and-neck with the opposition Liberal-National coalition.
Rising interest rates and the cost of living have negatively impacted Albanese's approval ratings, bringing them close to those of Liberal leader Peter Dutton.
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