The Greens have threatened to derail the first Labor budget in October unless Anthony Albanese’s government reverses tax cuts for Australians earning over $45,000.

Leader Adam Bandt wants the new Labor government to repeal the Stage Three tax cuts – which begin in 2024 – and instead spend the money on free childcare, free dental care and building buildings a million houses.

The tax cuts – introduced by the Coalition and backed by Labor – benefit the wealthiest Australians the most, paying $9,000 a year to those with over $200,000, but only $680 to a worker with 72 000 dollars.

The Greens have vowed to use their blocking power in the upper house where they have a record 12 senators to pressure Labor over policy.

In a speech to the Queensland Press Club on Friday, Mr Bandt blasted the tax cuts, which are expected to cost $37 billion a year by the 2030s, and said the money can be better spent elsewhere.

“Labour proposes to deepen inequality by locking in tax cuts for billionaires like Clive Palmer in its first budget,” he will say in the speech seen by Daily Mail Australia.

“Labour is preparing to lock in Stage Three tax cuts, which are destroying our progressive tax system, deepening inequality in this country and accelerating inflation.

“It will mean workers in low-paying jobs will still be under pressure, while billionaires like Clive Palmer will get a $9,000 tax cut every year.

“Labour must rethink these tax cuts for billionaires and save our progressive tax system before it is too late.

“If these tax cuts for the very wealthy continue, we will be getting closer to where the government is failing to provide the basic essential services that people need to survive.”

Greens want everyone in Australia to have dental care included in Medicare

This chart from the Australia Institute shows how much Australians can expect to save from Stage Three tax cuts in 2024

Mr Bandt believes the cuts will propel Australia into ‘American-style inequality’ and wants a new tax on billionaires to pay for free dental care and free childcare.

“Let’s build a million affordable homes. Let’s make childcare free. Let’s tackle the climate emergency. We can do this without asking ordinary people to pay more,” he will say.

‘Labour shouldn’t give Clive Palmer a tax cut when people can’t afford to get their teeth fixed.

“The Greens would rather bring dental care into Medicare than give Clive Palmer a $9,000 a year tax cut.”

The Greens will not stop the government from working by blocking the supply but will simply try to change the laws which are not essential.

“We will seek to amend the first budget if Labor delivers tax cuts for billionaires and subsidies for coal and gas companies. We will not sit idly by while Australia is sold and sold” , he will say.

Greens also want to offer free childcare paid for by a billionaires’ tax

Mr Bandt pledged to be ‘constructive’ while warning ‘we are not a rubber stamp’.

“This is the critical decade for climate action. Inequality is spiraling out of control,” he said.

“Even if they are in majority government in the Lower House, it would be a mistake for Labor to try to take the growing cross seat for granted.”

“The best results will come from collaboration and putting people first.”

During the election campaign, Mr Albanese backed the third stage of tax cuts, saying: ‘I want people to be sure they know what their income will be.