Overview

• The May 3 election pits incumbent Prime Minister Anthony Albanese of the Labor Party against Peter Dutton of the Liberal Party, with both addressing urgent domestic issues like housing affordability and living costs.
• Recent polls suggest Labor holds a slight lead, but a hung parliament is increasingly likely due to growing support for independent 'Teal' candidates and voter dissatisfaction with major parties.
• Both major parties have unveiled housing plans: Labor pledges 1.2 million new homes by 2029, while the Liberals propose 500,000 homes and allowing superannuation withdrawals for deposits.
• External pressures, including U.S. tariffs under Donald Trump and Chinese military exercises near Australia, have added to economic and political uncertainty.
• Divisions within Labor's voter base over the Gaza conflict, particularly in multicultural districts, and a surge in younger voters prioritizing housing and cost-of-living issues are reshaping electoral dynamics.