Anthony Albanese has baulked at revisiting income tax rates once the cost-of-living crisis has abated, after Treasury advice revealed the revamped stage three tax cuts will rake in $28 billion more over the next 10 years in bracket creep.

The prime minister defended his broken promise as an act of courage, saying it took “ticker” to respond to changed economic circumstances. He also acknowledged that the $23 billion in cost-of-living relief so far doled out had not been effective enough to placate middle Australia.