"We want people to be fully aware of the opportunity to get this tax relief, once they get the tax return in. This is going to be a very significant boost," Mr Frydenberg said. Loading "We're going to continue to look closely at the infrastructure story and see what opportunities there are to ensure projects are shovel-ready." Reserve Bank governor Philip Lowe said on Tuesday the government should "not rely on monetary policy alone" to spur growth, after previous comments about low wages growth. Mr Frydenberg defended the government's record on wages but acknowledged the pressure on family budgets and said the government was "focused" on policies to lift wages.

"The wages price index is up 2.3 per cent through the year and that is above inflation. And the minimum wage has gone up every year we've been in government, whereas it fell in three of the six years Labor was in office," he said. Loading "So we continue to put in place strategies that are designed around job growth, economic growth and wages growth." A government decision appears close on the deeming rate, which assumes the earnings a pensioner can receive on private assets, currently set at a rate that is above the unusually low interest rates paid on term deposits. "We recognise the importance of this issue and we're looking very closely at it," Mr Frydenberg said.

"Watch this space." The first phase of the income tax cuts is worth $8 billion over the year ahead and can be claimed as soon as workers lodge their tax returns for the financial year just ended. The government said 373,000 taxpayers had lodged their tax returns by Friday morning, 50 per cent higher than the same period last year, and that three quarters of them would receive any tax refund due within five days of lodgement. While those who owe the Australian Taxation Office money will have the offset counted against any debt, many others are likely to receive the full $1080 as a tax refund if they earn between $48,000 and $90,000 a year.

A smaller tax offset is paid to those earning below $48,000 and the benefit is phased out for those earning more than $126,000 a year. Prime Minister Scott Morrison has cited an increase in the government's long-term infrastructure program, now worth $100 billion compared to $75 billion in the past, as a way to shore up the economy, but much of the construction is slated to begin many years in the future. Opposition Leader Anthony Albanese called on the government to bring forward infrastructure spending. Anthony Albanese called for infrastructure spending to be expedited after backing the tax cuts package Labor mostly opposed in the lead up to the election. Credit:Alex Ellinghausen "They need to stimulate the economy, it will be a good thing if they did that but this is a government that's pretending everything's going fine," Mr Albanese said.

Labor voted in favour of the full $158 billion income tax cut on Thursday night after going to the election with a policy that rejected all but $15 billion of the three-stage plan. Labor argued at the election that the second and third stages of the policy should be blocked, but then changed its mind after the election and called for the second stage to be brought forward as soon as possible. Loading Replay Replay video Play video Play video On Thursday, the Labor shadow cabinet chose to accept the first and second stages of the tax cut while reviewing the $95 billion third stage, due to commence in 2024. Mr Albanese said this did not mean Labor would repeal the third stage if it won power at the next election.