I'll be paying more tax: PM

Malcolm Turnbull has tried to reassure voters that rich Australians like him are taking a hip-pocket hit in the federal budget.

"You see people on higher incomes, that includes me of course, are seeing a very big scale-back on their benefits under superannuation," the prime minister told well-paid the Nine Network's Today host Karl Stefanovic on Wednesday.

The budget doubled from 15 per cent to 30 per cent the tax on the superannuation contributions of Australians earning more than $250,000.

Just with his prime minister's salary, Mr Turnbull is one of those.

And he was quick to point out, so was Stefanovic, whose salary is even higher.

"Overall people on high incomes like myself and, indeed, yourself Karl, will be paying more tax one way or another as a result of this," Mr Turnbull said.

But both big earners won't have to pay the two per cent budget repair levy that is legislated to end mid-next year, something Labor leader Bill Shorten was quick to jump on.

"The story of this budget, if you earn $1 million you will get $17,000 tax cut but if you are a family on $65,000 a year, you get nothing except cuts to family payments," he told ABC TV.

Labor plans to keep the levy in place if it wins the election, expected on July 2.