Lower-income Australians are in for some financial relief following Prime Minister Albanese's latest announcement.

People earning less than $150,000 stand to benefit from the revamped stage-three tax cuts package, especially those who make between $50,000 and $130,000.

Australian correspondent Murray Olds says this modified version of a scheme created by the Morrison Government will ensure people who earn less will get a hand with the increased cost of living.

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