Prime Minister Malcolm Turnbull has called the July 2 election after visiting Governor-General Sir Peter Cosgrove.

Earlier, he visited the governor general to request both houses of parliament be dissolved and a general election called for July 2.

The launching of an eight-week campaign has two potential outcomes – an absolute defeat by Opposition Leader Bill Shorten or a hung Parliament throwing open all 150 House of Representatives seats and 76 Senate places.

The opinion polls currently show the two major parties running neck-and-neck, locked at 50-50 on a two party preferred basis.

The coalition government currently holds 90 seats in the House of Representatives while Labor has 55.

– with other agencies