In the lead-up to the election, the Liberals and Nationals put forward tax policies to the Australian people, and so did Labor.

In the long-term, Labor's strategy to increase taxes would have actually reduced the amount of revenue the government had available to meet the growing costs of delivering important services and infrastructure.

We remember last time this occurred, when they couldn't afford to put vitally important medicines on the pharmaceutical benefits scheme.

The Coalition's plan to reduce taxes aims to reduce the burden on individuals, families and small businesses and incentivise greater investment and activity, which will in turn help grow our economy. As the economy grows, so does the revenue to investment in services and infrastructure.

Next week, we're putting our entire tax plan to the Parliament. Labor and the Parliament should respect the mandate delivered to the Coalition by the Australian people.

The Reserve Bank governor has also urged the Parliament to pass our tax plan.

It's a plan for tax relief not just now but into the future that will be good measures for the economy, for jobs and confidence.

Two significant changes will deliver $158 billion of additional tax relief for hard-working Australians.

1) The Government is more than doubling the low and middle income tax offset from 2018-19.

Taxpayers earning up to $126,000 a year - including teachers, tradies and nurses - will receive a tax cut.

For a single income family, this means up to $1,080 in your pocket per year. And for families on a dual income, up to $2,160.

More than 10 million taxpayers will benefit, with 4.5 million receiving the full amount. This relief will flow quickly and be available to Australians after tax returns for the 2018-19 year are submitted in 11 weeks' time.

2) We will deliver long-term structural reform by lowering the 32.5 per cent tax rate to 30 per cent from July 1, 2024.

This will cover all taxpayers earning between $45,000 and $200,000 and will mean that 94 per cent of taxpayers will pay no more than 30 cents in the dollar.

From Budget night, the instant asset write-off will be increased and expanded.

It will be increased from $25,000 to $30,000, and it can be used every time an asset under that amount is purchased.

The instant asset write-off will also be expanded to businesses with a turnover of up to $50 million. This will cover an additional 22,000 businesses, employing 1.7 million Australians.

Already more than 350,000 businesses have taken up the instant-asset write off.