People earning $200,000 a year will pay more than $40,000 in additional tax over the next decade after Labor denied high earners meaningful relief from bracket creep in a rewrite of the stage three cuts.

The government has been cheered for redirecting tax relief to lower-income earners but Deputy Opposition Leader Sussan Ley has described the changes as a “lifetime tax on aspiration” and an “attack” on the future incomes of Gen Z and Millennials.