The Treasurer says the new income tax cuts that passed parliament on Thursday are “nothing to sneeze at”.

Low to middle-income earners up to $90,000 will likely get a $530 rebate from next financial year.

“If there’s two people in your household earning that, then that’s over $1000 for the family – that’s nothing to sneeze at,” Scott Morrison told Tom Elliott.

The move will cut tax by $144 billion over the next seven years.

Click PLAY below to hear Scott Morrison explain more