Dhaka, March 28 -- Australians will head to the polls on May 3 for general elections, with rising costs of living and a housing shortage posing significant challenges for the government as Prime Minister Anthony Albanese's center-left Labor Party seeks a second three-year term.

Albanese visited Governor-General Sam Mostyn's official residence on Friday to formally trigger the election and later announced the date at a press conference at Parliament House.

"Over the last few years, the world has thrown a lot at Australia. In uncertain times, we cannot decide the challenges we will face, but we can determine how we respond," Albanese said.

"Our government has chosen to face global challenges the Australian way: helping people under cost-...