The Australian Financial Review revealed earlier this year that Labor was considering cutting that turnover back to $10 million, a move which would increase the tax rate or end rebates for 20,000 incorporated and unincorporated businesses employing 1.5 million people. It would be worth a $20 billion "saving" over a decade.

On Tuesday, Mr Shorten confirmed this. "We will support any Australian business with an under $2 million turnover to get a tax reduction. We think that small business can do with all of the assistance they can get," he said.

"We are considering between $2 million and $10 million turnovers beyond that."

Asked if that meant Labor would "repeal the tax cut between $10 and $50 million that's already legislated", Mr Shorten responded: "Yes"

"You have to look at priorities. I just don't agree with Mr Turnbull that the four big banks deserve $17 billion in tax cut over the next 10 years," he said.

"I would rather see that being put back into our schools. I don't agree with Mr Turnbull that the multinationals should get a tax cut yet we are carrying out cuts to our hospital and healthcare systems.

"It is all down to values. He is for the top end of town. He's made it clear how he feels. I am for education and health funding."


A spokesman for Mr Shorten defended the decision.

"We've never supported these tax cuts for big businesses - we voted against them and we haven't changed our position," he said.

"We've always supported tax cuts for small businesses."

Shadow cabinet will decide whether to settle on a threshold of $2 million or $10 million.

Treasurer Scott Morrison said Labor's ladder of opportunity had become a "snake of envy".

"Bill Shorten has confirmed yet another giant, job-destroying tax on Australian businesses and the economy."he said.

"Not only has Labor committed to ripping our personal income tax cut away from nine million Australians, they will now hit tens of thousands of businesses that employ 1.5 million Australians with high taxes.

"Labor has no plans to grow the economy, just plans to suffocate it with higher taxes, destroying jobs and stealing pay rises."


The decision will be highly controversial and opposed by the small business sector.

Australian Chamber of Commerce and Industry chief executive James Pearson called the decision "a kick in the guts for Australia business".

"There are 14,000 businesses incorporated businesses across he country which now face a tax rise," he said.

"They employ more than one million workers who are being told that their businesses don't deserve a tax cut and don't deserve to be encouraged to invest and grow."

On Tuesday, the Financial Review also revealed the four Senators likely to hold the balance of power after the election, would not permit a Labor government to do roll back the already-legislated cuts.

These are Pauline Hanson, Cory Bernardi and the Centre Alliance's Stirling Griff and Rex Patrick. All four voted for the tax cut last year for businesses with turnovers up to $50 million.

All are on six-year terms and will be there after the election.

"Nope, not a chance, we would be dead against it," said Senator Griff, speaking for himself and colleague Senator Patrick.


"We're not going to take it away from small and medium businesses, no, not at all."

He said opponents of tax cuts confused turnover with profit and a $50 million turnover could be the local IGA.

A spokesman for One Nation leader Senator Hanson, said there was no way One Nation would allow the cuts to be unwound while Australian Conservatives and low tax advocate Senator Bernardi supports the entire corporate tax cut package and will not be rolling anything back.