THEY each had a shock election victory, but now Scott Morrison says he has something else in coming with US President Donald Trump - and it will effect what's in your wallet.

In his first major speech since being re-elected Prime Minister, Mr Morrison also revealed a review of industrial relations laws and crackdown on unions.


"While reducing taxes has had a major impact in the United States, it was actually the Trump Administration's commitment to cutting red tape and transforming the regulatory mind set of the bureaucracy that delivered their first wave of improvement in their economy," Mr Morrison said.

"You can be assured I have begun this term by making it clear to our public service chiefs that I am expecting a new mindset when it comes to getting investments off the drawing board.

"To provoke the much needed 'animal spirits' in our economy we must also remove regulatory and bureaucratic barriers to businesses investing and creating more jobs."

The Prime Minister will also take aim at Labor for baulking at backing the second and third stages of his tax plan, despite the Opposition's historically low primary vote at last month's election.


Scott Morrision hopes to emulate US President Donald Trump’s tax cuts. Picture: AP Photo/Susan Walsh
Scott Morrision hopes to emulate US President Donald Trump’s tax cuts. Picture: AP Photo/Susan Walsh


He said almost four out of every five Australians would benefit from those stages, which lift the low-income tax threshold and drops the rate of the biggest tax bracket for people earning $45,000 to $200,000.

"They will receive greater reward for their efforts, providing an incentive to put in the effort to get a raise or secure a promotion," Mr Morrison said.

"We are simplifying the system, more closely aligning the middle tax bracket with corporate tax rates and improving work incentives by tackling the 'silent thief' of bracket creep."

Industrial relations will also come into focus for the new government, with Mr Morrison confirming laws to deregister unions or officials which repeatedly break the law will be a priority.

He said Industrial Relations Minister Christian Porter will be tasked with reviewing how the system is operating and "where there may be impediments to shared gains for employers and employees".

"Any changes in this area must be evidence based, protect the rights and entitlements of workers and have clear gains for the economy and for working Australians."