Labor Government to Backtrack on Tax Cuts for High Income Earners: Reports

The plan will, instead, see the government lower the tax rate for low and middle income earners.

An Australian 100 dollar note is shown on Oct. 6, 2009. Greg Wood/AFP via Getty Images

The Albanese government will likely change the federal tax rate for Australians at a Labor caucus meeting on Jan. 24.

The Labor Party move will see it likely backtrack on an election promise to deliver stage three tax cuts for high-income earners.