Opposition Leader Peter Dutton has signalled he will abandon the Coalition’s pledge for further tax cuts for about 1.1 million high-income earners, warning the fight against inflation and lower interest rates would take priority in pre-election policy commitments.

As Treasurer Jim Chalmers vowed not to follow US president-elect Donald Trump’s lead to cut the corporate tax rate, despite renewed pressure from local business groups and economists, Mr Dutton appeared to walk away from plans to offer voters further changes to the personal income tax system.