MALCOLM Turnbull has kicked off the eight-week election campaign with a warning to Australia that it cannot afford the big policies promised by Labor.

The Prime Minister yesterday formally called on Governor-General Sir Peter Cosgrove to dissolve both ­houses of parliament and send the nation to a double-dissolution election on July 2. In an 18-minute pitch to voters, Mr Turnbull urged Australia to choose stability and allow the Government to continue its economic plan.

In contrast, Opposition Leader Bill Shorten’s call to voters was one of fairness, with the Labor leader saying only his party would look out for voters across the economic spectrum.

Both said Australia faced a “clear choice’’ when going to the polls.

“During this election campaign, my opponent Mr Shorten will undoubtedly make very big promises or continue to make very big promises of higher spending,’’ Mr Turnbull said.

“I ask Australians when they hear these promises ... to remember that Labor has no credible or coherent way to pay for them, other than through more debt and higher taxes.

Federal election 2016: The State of play

“I will be seeking a mandate from the Australian people as the Prime Minister of this country to carry out this plan because we know that it will clear the way … for us to have the greatest years in our nation’s history.”

As the campaign kicked off, the latest Newspoll was unmoved with Labor still ahead 51-49.

The poll — taken exclusively for The Australian — showed Mr Turnbull’s personal approval rating rose by two points, with 49 per cent preferring him as PM, compared to 27 for Mr Shorten.

Mr Turnbull yesterday criticised Labor’s plans to wind back negative gearing and accused them of “standing in the way of investment’’ and jobs.

media_camera Federal election 2016: The policies.

media_camera Prime Minister Malcolm Turnbull speaks with Minister for Foreign Affairs Julie Bishop in his office. Picture: Stefan Postles/Getty Images

“What Labor left us with was a mountain of debt and a trajectory of structural deficits that imposed a larger and larger burden on our children and our grandchildren,’’ he said.

“Everything Labor is doing is absolutely calculated to stop our economic progress in its tracks. That is why we are asking the Australian people for the privilege of governing this country for three more years to secure our ­prosperity, to secure our future.’’

After five prime ministers in five years, Mr Turnbull said the nation needed stability as the economy moved out of the mining boom.

The PM last night fast-tracked his election travel plans, boarding a plane for a marginal seat blitz due to start in Queensland. Both sides launched their prime-time TV advertising campaigns last night.

media_camera Federal election fast facts.

media_camera Federal opposition leader Bill Shorten making the first policy announcement of his 2016 federal election campaign. Picture: Eugene Hyland

Mr Shorten caught a commercial flight to Tasmania where he had a beer with Todd Russell and Brant Webb, the Tasmanian miners trapped underground for two weeks 10 years ago.

It was this human drama that gave Mr Shorten, then a union secretary, the national profile that helped propel him into politics.

“Let’s be clear, this election isn’t about Mr Turnbull or myself,’’ Mr Shorten said. “It is about the Australian people. We are definitely ready. We are in this to win it.’’

Mr Shorten is also believed to be heading to Queensland this morning.

Labor needs to pick up 21 seats to win an outright majority, and most of those seats lie in Sydney’s west and regional Queensland.

Mr Turnbull also used his press conference after leaving Government House to highlight Labor’s failure to commission naval vessels and submarines, and reminding Australia of the 50,000 asylum seekers who arrived by boat under Labor.

ellen.whinnett@news.com.au