Labor Party incumbent Prime Minister Julia Gillard and opposition challenger Tony Abbott are neck and neck. Gillard, Australia's first female prime minister, has described the race as "tough and tight," calling it a "cliff-hanger."

Economic issues have figured prominently in the campaign. Both candidates are trying to convince a skeptical public that they can get the country back in the black within three years.

Abbott leads the Liberal Party, which is nevertheless conservative and forms a center-right coalition with The Nationals. A fourth party, The Greens, is much smaller and has a strong environmental ethos.

Voting in the election is mandatory for everyone older than 18.

Gillard became Australia's first female prime minister on June 24 after Kevin Rudd lost support of the Labor Party.

Gillard has said her priorities include keeping the country's economy strong. Abbott said his government would end government waste, repay debts and stop new taxes.

Other contentious issues with voters include the way Australia will deal with asylum seekers, illegal immigrants and people smugglers, and whether it should embrace the Carbon Pollution Reduction Scheme (CPRS).

CNN