Despite insisting on multiple occasions in both opposition and in government, Anthony Albanese is expected to overhaul the legislated tax cuts set to come into effect on July 1.

According to 2GB’s Chris O’Keefe, Australians can still look forward to a tax cut, but higher income earners will suffer a significant trim on their expected returns.

Under the plan, the tax-free threshold – currently at $18,200 - will be increased, while the top marginal tax rate will remain at $180,000 rather than $200,000 as promised in the Coalition-era policy.

This means Australians earning between $180,000 and $200,000 will pay 45 cents on the dollar to the taxman as opposed to 30 per cent.

The slated changes will mean those earning more than $180,000 a year will get $6,000 a year back instead of $9,000, according to O’Keefe.

The changes will go to Cabinet on Tuesday or Wednesday and come amid heightened debate over the stage three tax cuts.

“Now, Anthony Albanese will rightly argue that he's delivering cuts to people's tax because he is, he is, but it is not the program that we voted for at the 2019 election,” O’Keefe said on Monday.