That’s a wrap – thank you for reading the Need to Know blog today. These were some of the main stories:

• Tony Burke labelled a ‘racist’ in western Sydney smear campaign: Tony Burke has been labelled a “racist immigration minister” in an election flyer by unidentified pro-Gaza activists, as the campaign for his seat of Watson descends into dirty tricks.

• Election a choice of who can better manage economy: Opposition Leader Peter Dutton says the election will be a choice about “who can better manage our economy”.

• Australia heading for minority government: Greens leader Adam Bandt says a minority government is coming after Anthony Albanese called the election for May 3.

• Coalition releases first campaign ad: Opposition Leader Peter Dutton has released the Coalition’s first ad for voters, rubbishing Labor’s record since the 2022 election.

• PM promises optimistic campaign, hints at COP hosting deal: In one of the last questions before the end of the press conference, Anthony Albanese promised to run a campaign “about hope and optimism”, while casting Peter Dutton as being all about “fear”.

• Election date set for May 3: Prime Minister Anthony Albanese made the announcement at a press conference from Parliament House after a meeting with the governor-general.

• The PM has called the election. What happens now?: Prime Minister Anthony Albanese is expected to speak from Parliament House at 8am.

• Both leaders need to defy precedent to win: Both Anthony Albanese and Peter Dutton need to defy precedent if they are to be victorious on May 3.

• PM arrives at governor-general’s house: Prime Minister Anthony Albanese’s car has left The Lodge and has arrived at Government House.