The prime minister is facing the coalition leader at Nine's Sydney studios for a third campaign trail showdown, moderated by A Current Affair host Ally Langdon.
Things got off to a subdued start as both leader extended condolences to Catholic Australians over the death of Pope Francis following a day-long suspension of campaign activities.
But Mr Dutton quickly got the ball rolling by bringing the discussion to the election's biggest issue: the cost of living.
"This election is incredibly important," he said on Tuesday night.
"We need to make sure that we can get our country back on track, that we can help manage the economy, that we can reduce the costs in the economy."
The prime minister quickly responded by spruiking his own cost measures.
"We can't determine what the world throws at us, but we can determine how we respond," Mr Albanese said.
"We're in the Australian way by backing our values and trusting our people."
Both leaders will continue to face questions rolled from 9News political editor Charles Croucher, 2GB's Deb Knight, and Australian Financial Review political editor Phil Coorey.
With less than two weeks until voters make their final decision on May 3, and many having already cast their ballots at early-voting centres, Tuesday's debate is one of the last opportunities for the leaders to win over undecided Australians.
But the tide has already turned in Labor favour as it has increased its two-party-preferred lead to 55.5 per cent over the coalition's 45.5 per cent in the latest Roy Morgan poll, which echoes results shown in other surveys.
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