Australians will go to the polls on May 3 for general elections with high costs of living and a shortage of housing likely weighing against the government as Prime Minister Anthony Albanese’s center-left Labor Party seeks a second three-year term.

Australia's consumer inflation eased in February, helped by a fall in electricity prices and a slowdown in housing inflation, although the relatively muted progress in the core measure is likely to keep policymakers on guard.

Australians will go to the polls in May with high costs of living and a shortage of housing key issues likely weighing against the government.