Prime Minister Anthony Albanese shelved plans to amend the stage three tax cuts in the October 25 budget on the basis it was too politically risky to break a promise so close to the last election, sources say.

Although the government has yet to rule out paring back the tax cuts before they begin in July 2024, the weight of opinion inside Labor against breaking a key promise and the political backlash put an end to a possible move in the October budget that was floated last week by the government, led by Treasurer Jim Chalmers.