India, March 28 -- Australian Prime Minister Anthony Albanese Friday announced that the federal election will be held on May 3.

Opinion polls suggest that it will be a tough race between the ruling Labor Party and the Liberal-National Coalition under opposition leader Peter Dutton, which is attempting to return to power after one term.

People's dissatifaction over the rising cost-of-living is reportedly posing the biggest challenge to Albanese as he is set to campaign seeking re-election.

Addressing the media after announcing the election at the parliament Friday morning, Albanese promised to address the issue.

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Elections are held to 150 seats in the Ho...