Within five months of Labor winning the 2022 election, Treasurer Jim Chalmers and much of the Labor tribe agitated to scrap the stage three tax cuts which Prime Minister Anthony Albanese had reluctantly inherited from the Morrison government, but solemnly promised he would keep.

Mr Albanese quickly shot down the Treasurer’s kite. But with the government now exposed for its broken promise to improve living standards and with no genuine economic growth agenda, Labor seems poised to pare back the stage three tax cuts at the top of the income distribution and redistribute the money to lower and middle income earners.