Australia’s Prime Minister Anthony Albanese during a press conference at Parliament House in Canberra on March 28, 2025.
- Australian Prime Minister Anthony Albanese on Friday called a national election for May 3 as the country grapples with high cost of living and rising U.S. tariffs.
- Opinion polls indicate the Labor party is currently running neck-and-neck with the conservative Liberal-National coalition.
- Among the top issues for voters would be how to handle relations with U.S. President Donald Trump who has so far ruled out exemptions for any country on steel and aluminum tariffs.
Australian Prime Minister Anthony Albanese on Friday called a national election for May 3 as the country grapples with high cost of living and rising U.S. tariffs.
That kicked off a five-week campaign in the lead up to the ballot day as the center-left government seeks a second three-year term.
"Our government has chosen to face global challenges the Australian way — helping people under cost-of-living pressure, while building for the future," Albanese told a press conference after triggering the election.
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"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," he said.
The Labor Party won a majority at the last federal election in 2022, ending nine years of Liberal-National coalition rule. Opinion polls indicate the Labor party is currently running neck-and-neck with the conservative Liberal-National coalition led by Peter Dutton.
Cost-of-living pressure has been on a rise since Albanese came to office. This is despite of a plethora of measures aimed at easing households' living costs, including a new round of tax cuts in Tuesday's budget.
Money Report
The Reserve Bank of Australia reduced the benchmark cash rate in February for the first time in over four years, signaling that the worst of inflationary pressures may have passed.
Among the top issues for voters would be how to handle relations with U.S. President Donald Trump who has so far ruled out exemptions for any country on steel and aluminum tariffs.
Albanese said he would continue to lobby the U.S. administration for a reprieve. During Trump's first presidential term, Australia was exempted from U.S. tariffs on steel and aluminum.
Earlier this week, Trump announced a 25% auto tariffs for all cars "not made in the U.S." and is expected to unveil a further round of tariffs on trade partners next week.
The U.S. trade surplus with Australia was $17.9 billion in 2024, a 1.6% rise over 2023, data from the U.S. Census Bureau showed.
