Voters face a choice between "new" leadership and "right" leadership after Prime Minister John Howard ended months of phoney campaigning by calling a November 24 election.
But they also face a long campaign - six weeks instead of the minimum five - as the government attempts to claw back support after almost a year of disastrous polls.
Mr Howard opened his campaign with a plea to voters to stick with his ageing government as it aims for a fifth consecutive term.
"This country does not need new leadership, it does not need old leadership, it needs the right leadership," Mr Howard, 68, told reporters an hour after his long-awaited visit to Government House to ask permission to call the election.
"Love me or loathe me, the Australian people know where I stand on all the major issues of importance to their future."
But Labor leader Kevin Rudd, 50, said 11-and-a-half years was long enough for the coalition and it was time for new leadership.
"The greatest risk for Australia's future is for the coalition to return and nothing changes," Mr Rudd told reporters in Brisbane.
Labor needs 16 seats and a swing of just over four per cent to win government for the first time since 1993.
The latest poll, in Fairfax newspapers, showed the coalition trailing by 18 points - while almost three-quarters of voters under the age of 29 are planning to vote Labor.
On Sunday's figures, Labor would win between 40 and 50 seats from the government, devastating the coalition.
Mr Howard refused to comment on the poll but made a desperate plea to voters not to look to change for change's sake.
Reacting to concerns about rising interest rates, soaring petrol prices and bigger food bills, he promised to unveil plans to lock in and build prosperity and to ensure all Australians shared in the economic good times.
He warned against wall-to-wall Labor governments at every level, saying it would remove vital checks and balances, and accused Mr Rudd of failing to take responsibility.
Asked how much responsibility he took for the five rate rises since the 2004 election, Mr Howard said he accepted the blame for everything that went wrong on his watch.
"I am facing my day of accountability," he said.
"But I'm not afraid to accept responsibility. My opponent blames somebody else."
But Mr Rudd said Mr Howard had never taken responsibility for the Iraq war, children overboard or the AWB scandal.
"Let me make one prediction and this is in the days and weeks ahead, the good people of Australia are going to be bombarded with the mother of all negative fear campaigns," Mr Rudd said.
Within hours of the election being called, Liberal Party advertising began appearing on television - one ad labelling Mr Rudd an L-plate leader and the other reminding voters of high interest rates under the Hawke and Keating Labor governments.
Mr Rudd said families were finding it impossible to make ends meet with soaring childcare costs, five interest rate rises since the last election and rising petrol and grocery prices.
"Working families are saying to me that ... they understand that this mining boom is delivering an enormous economic advantage to Australia but they are fearful about what happens long-term when the mining boom is over," he said.
"When Mr Howard says ... to them, working families have never been better off, they know as they try and balance their family budget that it's simply not true."
Mr Rudd will begin his campaign in Brisbane on Monday, while Mr Howard will stay in Canberra for talks with Treasurer Peter Costello.
John Howard
Le Premier ministre australien, John Howard, a annoncé que les élections fédérales australiennes de 2007 se tiendront le 24 novembre 2007. John Howard s'était rendu chez le Gouverneur général d'Australie Michael Jeffery plus tôt dans la journée puis a annoncé la nouvelle.

John Howard, Premier ministre australien depuis plus de 10 ans maintenant, a indiqué que les  pour le pays, mais seulement si la  est au pouvoir.

 s'est interrogé John Howard. .

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John Howard a aussi précisé que si son parti, le Parti libéral est reconduit au Gouvernement, Peter Costello deviendra Trésorier d'Australie (ministre de l'Économie) et Alexander Downer continuera à assurer les fonctions de ministre des Affaires étrangères.

Le Premier ministre a annoncé que les arrêts seront publiés le 17 octobre. Ainsi, suivant les modifications récentes du code électoral, les Australiens auront jusqu'à jusqu'à cette date pour vérifier qu'ils sont sur les listes électorales et capables de voter. Voter est obligatoire dans les élections fédérales australiennes.