Reports from 2GB claim that federal Labor will consider keeping the top marginal tax rate at $180,000, breaking its election commitment to raise it to $200,000

Nationals senator Bridget McKenzie said people in the top tax bracket deserved to receive their promised tax returns.

“I think it’s absolutely shameful that the government is thinking of re-examining legislated tax cuts that Australians have voted for twice,” Senator McKenzie said.

“Giving Australians more of their own money back in their pockets to pay their mortgage, which has gone through the roof, the energy bills that they’re all struggling with – it’s absolutely the right thing to do. Any fiddling with them is actually going to be another broken promise.”

In a sole media appearance on Tuesday morning, Anthony Albanese said people were “hyperventilating” over the cuts and affirmed he had not changed his position on the policy.

“I support tax cuts and everyone will be getting a tax cut,” the Prime Minister told KIIS 106.5 Sydney.

Federal cabinet will meet on Tuesday to finalise plans for Labor’s new cost-of-living support measures before presenting it at a snap caucus meeting on Wednesday.

Under the Morrison-era plan, due to come into effect on July 1 and endorsed by the Albanese government, a 30 per cent taxation rate will apply to all earnings between $45,000 and $200,000. A worker on $50,000 would save about $125 a year after the changes and those on $90,000 a year would save about $1125.

Taxpayers earning $150,000 would save $3975 and people on $200,000 would save $9075 under the policy.

In a heated exchange with Angus Taylor, Sunrise host Natalie Barr said housing unaffordability was “killing people” after the Shadow Treasurer said the opposition would not support any changes to the cuts.

“If you’re sitting there on the lower end and seeing people on over $200k getting $9k back in this you’re thinking, ‘Hang on, I get nothing. I’m earning $40k, $45k a year and getting nothing in this,” she said.

Mr Taylor claimed the tax bracket changes would lower inflation.

“Aspiration drives our economy and these tax cuts were all about rewarding hard-working inspirational Australians who don’t just benefit themselves, they invest, take risks, benefit others by building businesses, creating jobs,” he said.

“That’s how you lower inflation.”

Earlier, Opposition foreign affairs spokesman Simon Birmingham argued the policy was necessary to address bracket creep.

“We prioritised and made sure we delivered early stages of support for lower and middle-income earners, but if anything the case for the legislated tax cut is even stronger,” he said.

Speaking to ABC RN, Independent senator David Pocock said Australians were rightly frustrated about the lack of action on cost of living.

“This is a tough one for the government but I’m really concerned that you continue with these (tax cuts) and we’re then going to have to find other money to deal with cost of living,” he said.

“It’s hard to argue that these stage 3 tax cuts aren’t going to fuel inflation,” he said.