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Treasurer Josh Frydenberg.
Low and middle income earners are set to continue receiving a temporary tax cut for another 12 months, as part of a budget plan to maintain confidence in the economy.
The low and middle income tax offset was due to finish at the end of this financial year; however, the government will now reportedly use the upcoming federal budget to extend the tax cut for another year.
The offset gives low and middle income earners an end-of-financial year rebate of up to $1080 for singles and $2160 for couples.
The rebate ranges from a base rate of $255 for those earning $37,000 or less, to a full amount of $1080 for those earning up to $90,000.