Canberra, May 4 (IANS): Australian Prime Minister Malcolm Turnbull on Wednesday confirmed that the general elections will be held on July 2, hours after the conservative coalition government presented its new budget.

Turnbull said parliament will be dissolved to make way for the elections in July.

The Australian government announced the new budget on Tuesday night that seeks to favour small to medium enterprises, which he hopes will improve his poll expectations as he goes up against the Labour Party in what is expected to be a tough fight, EFE news reported.

"We are successfully moving our economy from one that took advantage of the economic and construction boom to one that has more jobs, more diverse jobs, and relies on the advantages of open markets in Asia," said Turnbull.

Since 2010, Australia has had both Labour and Conservative prime ministers, none of whom have been able to complete an entire mandate owing to dissent in their own parties.