The Coalition will fund its promised tax cuts for “aspirational” voters using a war chest amassed from scrapping a raft of Labor policies, ranging from production tax credits to interest payments on almost $50 billion in off-budget funds, to Fringe Benefits Tax exemptions on electric cars.

With the budget plunging headlong in to deficit for the next decade, Coalition sources said the opposition remained committed to doing what it could to restore the “spirit” of the stage three tax cuts which Labor revamped, but restoring the money taken from higher income earners would cost a prohibitive $30 billion.