Northern Rivers residents will head to the polls for a federal election on May 3.

After months of speculation, Prime Minister Anthony Albanese announced the election date on Friday morning after visiting Governor-General Sam Mostyn.

A five-week campaign will count down to the poll for all 150 seats in the House of Representatives and 40 Senate places.

Mr Albanese is looking to become the first prime minister since John Howard to win back-to-back elections.

Peter Dutton will aim to lead the coalition back to power after one term in opposition to become Australia's 32nd prime minister.

Polls are predicting a tight contest between the major parties, with a minority government looming as a likely outcome.

By Andrew Brown in Canberra