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The cost of stage-three income tax cuts has climbed to $313bn over a decade, with the benefits flowing disproportionately to high-income earners and men, according to new data.

New Parliamentary Budget Office costings, conducted for the Greens, has predicted a blowout in the cost of implementation. It has been released as the Albanese government insists it has no plans to revisit the controversial tax cuts.

The cost of stage three has risen from $254bn in October due to lower unemployment, higher incomes and inclusion of an additional year in 2033-34. The PBO found that the tax cuts will cost $20.4bn in their first year, 2024-25, rising every year to $42.9bn in 2033-34

With the treasurer, Jim Chalmers, declaring Labor’s first full-year budget a balance between cost-of-living relief and inflation, the burgeoning cost of stage three has been a focal point for those who wished it had shown greater ambition in poverty reduction, including the independent MP Zoe Daniel and senator David Pocock.

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