Malcolm Turnbull signals he would like to speed up income tax cuts

Malcolm Turnbull is hoping to speed things up.

Tax cuts planned for seven years' time could be delivered earlier if the budget allows for it, the Prime Minister has hinted.

Yesterday, Parliament passed a $144 billion income tax package to be fully delivered by 2024-25.

Prime Minister Malcolm Turnbull said he "would love to think that we would be able to bring some of these tax cuts forward if the budget enables it".

Centre Alliance senators voted for the full tax package but afterwards said that if the economy suffered a setback between now and 2024 then whoever was in power should reverse the final stage of the tax cuts.

That final stage delivers a tax cut of $7,225 a year for a person on $200,000 from 2024-25, compared to a cut of $200 a year for someone on $30,000.

Stirling Griff and his colleague Rex Patrick both said they disagreed with the third stage, but Senator Griff defended backing the plan saying that "in an environment where wages are stagnant and living costs are going up, the majority of people actually want and need a tax cut".

When pressed on what should happen if the economy weakened during that time, Mr Turnbull told AM he hoped the budget would be strong enough to cut taxes sooner.

He rejected a suggestion that the tax cut would mean less money available to deliver services.

"Government services are better funded now than they ever have been," he said.

With its personal income tax cuts now legislated, the Government will ask the Senate to vote next week on company tax cuts.

So far the Upper House has refused to endorse the full package of corporate tax changes.

While One Nation leader Pauline Hanson eventually backed the Government's income tax package, she withdrew her party's support for company tax cuts last month.

That led to a public feud with Senator Brian Burston, who cited the company tax cuts turnaround as a reason for quitting One Nation.

Senator Burston — who since joined Clive Palmer's rebranded party — has said he would support company tax cuts, but Senator Hanson said yesterday that she and her remaining One Nation senator, Peter Georgiou, would not reconsider their decision.

The two Centre Alliance senators are also unprepared to back the changes.