Prime Minister Scott Morrison has finally called the Federal Election, sending Australians to the polls on May 21.
"This election and campaign are incredibly important," Mr Morrison told reporters in Canberra.
"That's because there is so much at stake for Australia and our future."
He warned if Labor was to be voted in the economy would be severely weakened during a time of uncertainty.
"We are dealing with a world that is less stable than at any other time since the Second World War.
"Our economy has many, many moving parts and there are many great risks - but I believe there are many, many opportunities there to be seized from the strong position that we've put ourselves in as a country as we emerge strongly from this pandemic.
"Now is not the time to risk that."
Mr Morrison has chosen a six-week election campaign to give him the longest time possible to face off against Labor Leader Anthony Albanese, the ABC reports.
Mr Morrison flew in from Sydney on a RAAF flight on Sunday morning and drove to Government House to inform Governor-General David Hurley of the move.
Mr Morrison is aiming to become the first incumbent prime minister to win two elections in a row since John Howard in 2004.
But Labor has been ahead in the polls consistently since June 2021, currently sitting on a two-party preferred vote of 55 per cent.
Mr Morrison on Saturday released a video in which he points to the natural disasters that have hit the country, the unstable global security environment and the risks facing Australia's economy.
"You always have setbacks. You always have imperfect information. I mean, things are tough," he says.
Veteran ABC broadcaster Fran Kelly told Insiders on Sunday the longest campaign possible for Mr Morrison should work in his favour.
"It looks like the Prime Minister and the Coalition clearly believe they have a campaigning advantage on Anthony Albanese - he is untested," she said.
"They have seen his vulnerabilities. The longer the Prime Minister gets to go, he proved last time he is a strong campaigner, [it's] better for him."
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