Stage Three tax cuts bombshell: Claims Anthony Albanese will radically tweak controversial tax plan – here’s what it could mean for you

Prime Minister Anthony Albanese is reportedly planning to overhaul the promised Stage Three tax cuts, a radio host has claimed.

Mr Albanese called an urgent meeting of the Labor caucus in Canberra this week to discuss a cost of living package. 

Radio 2GB’s Chris O’Keefe claimed on Monday afternoon that Mr Albanese will announce a revamp to his controversial tax plans at the meeting.

This comes despite years of assurances – some as recent as last week – that his position on the policy ‘had not changed’ since he promised to enforce them in full.

Under the new reported proposal, ‘all tax payers will still receive a tax cut,’ O’Keefe claimed.

And while a huge portion of voters would be better off under the reported change, Australians who earn more than $180,000 will be the biggest losers, with their refund set to be slashed dramatically.

Prime Minister Anthony Albanese is reportedly planning to overhaul the promised Stage Three tax cuts , a radio host has claimed

Lower income earners would instead receive more relief than promised under the current plan.  

Under the Stage Three proposal first introduced by the Coalition, Australians who earned over $200,000 would receive the most tax relief – $9,075-per-year.

The tax cuts in their current form would cost the government upwards of $300billion over the next decade. 

Reacting to the claims, deputy Nationals leader Perin Davey told Sky News: ‘If that’s what the prime minister does, he will be breaking an election commitment.’ 

Mr Albanese was accused of playing ‘word games’ last week by repeatedly re-stating his promise that Labor would forge ahead with Stage Three.

He told an Adelaide radio station last week: ‘Tax cuts will happen in July. We’re committed to that… we haven’t changed our position.   

Daily Mail Australia has contacted Mr Albanese’s office for comment on the claims.