The 2 per cent deficit levy on high-income earners would have to at least double to 4 per cent if it were to match the tax revenue from a 0.5 percentage point increase in the Medicare levy needed to help finance the National Disability Insurance Scheme, according to a new analysis.

Based on Parliamentary Budget Office modelling commissioned by Labor at last year's election, retaining the 2 per cent temporary budget repair levy on those earning over $180,000 would only raise $1.55 billion in 2019-2020, compared to $3.55 billion raised from the proposed higher Medicare levy in the same year.