Australia's Prime Minister Anthony Albanese has officially announced that a national election will take place on May 3, 2025, marking the start of a critical five-week campaign centered on cost-of-living challenges. This announcement follows the increasing pressures faced by households due to rising living expenses and interest rates.

In a statement to the media, Albanese emphasized, "Our government has chosen to face global challenges the Australian way – helping people under cost-of-living pressure, while building for the future." The Prime Minister confirmed that the election date was necessary under Australia's three-year term limit, which requires a parliamentary election by May 17 at the latest. This pivotal election comes after a previous victory by his Labor party in 2022, but recent polls indicate a tight race with the opposition Liberal-National coalition.

Albanese's government introduced a series of tax cuts worth A$17.1 billion (approximately US$10.7 billion) designed to relieve financial burdens for families, with anticipated reductions of A$268 in 2027 fiscal earnings and A$536 in the following year. However, the opposition has vowed to repeal these cuts should they regain power. Opposition leader Peter Dutton has criticized the Labor government for its handling of economic issues, stating that families are struggling with housing costs and high inflation.

In a campaign filled with tension and uncertainty, both Albanese and Dutton have pledged additional funding towards public healthcare systems, echoing the urgent need to address health and economic concerns in the electorate. This tight electoral race suggests no clear prediction of which party will secure a definitive victory, potentially leading to a coalition government formed through smaller parties.

As the date approaches, Australia braces for an intense election cycle defined by critical economic issues, with Albanese cautioning Australians to consider the trajectory of the nation moving forward. "Now on 3 May, you choose the way forward," he reminded voters in a recent press conference.

For more details, visit Reuters or refer to Channel News Asia.