Australians are casting their votes in the 2025 federal election, with the nation’s escalating cost-of-living and housing affordability crises taking center stage in voters’ minds.

Prime Minister Anthony Albanese’s center-left Labor Party is seeking re-election, facing off against the conservative Liberal-National Coalition led by Peter Dutton. Both parties have tailored their campaigns to address the economic pressures burdening everyday Australians.

Over the past few years, Australian households have grappled with significant financial stress. Rent prices have surged by 47%, mortgage repayments have increased by 33.8%, and the Consumer Price Index has risen by 19.9%.

In response, the Labor government has implemented measures such as the Housing Australia Future Fund, a $10 billion investment aimed at constructing 30,000 new social and affordable homes over five years.

The opposition has proposed allowing first-home buyers to access up to $50,000 of their superannuation to purchase a home and offering tax breaks to alleviate cost-of-living pressures for middle-income earners.

The election has also seen a notable shift in voter demographics, with younger Australians now outnumbering Baby Boomers.

As polls indicate a tight race, the outcome may hinge on preferences from minor parties and independents.

Voting is mandatory in Australia, and a record 8 million out of 18 million voters have already cast early ballots.

The final results are expected to be announced in the coming days, with the nation’s economic future hanging in the balance.