Labor is considering dumping its policy to slug high income earners with a punitive 49 per cent marginal tax rate, as senior opposition figures say former union leader Bill Kelty is worth listening to following his call for the marginal tax rate to be cut below 40 per cent.

As Labor under new leader Anthony Albanese looks to reconnect with aspirational voters, some frontbenchers believe the plan to reinstate the 2 per cent budget repair levy may not survive the party's policy review.