has called Labor MPs back to parliament nearly two weeks earlier than expected to urgently address the crisis.

The Prime Minister has called for an emergency caucus meeting in Canberra on Wednesday afternoon at 4pm.

Parliament isn't scheduled to resume until February 6.

It's understood the Labor party will discuss ways to ease financial pressures on Australian families, such as slashing power bills, without adding to . 

Anthony Albanese has called Labor MPs back to parliament two weeks earlier than expected to urgently address the cost of living crisis

The government's $3billion Energy Bill Relief Fund, which is set to end in June this year and was signed by state and federal governments, is reportedly one aspect Labor is looking at extending.

The bill will reduce electricity bills for more than five million households between July last year and June 30, 2024. 

It comes after Mr Albanese confirmed he will keep his promise and go ahead with stage three . 

It's understood the Labor party will discuss ways to ease financial pressures on Australian families amid the cost of living crisis (stock image)

On Wednesday, Mr Albanese told an  radio station that the 'tax cuts will happen in July. We're committed to that ... we haven't changed our position'. 

The tax cuts, which were passed by the previous Coalition government, will create a single tax bracket for workers earning between $45,000 and $200,000 a year.

Workers with a taxable income above $45,000 will benefit from the tax cuts but high income earners are set to receive the highest gains. 

With the new tax cuts, those earning $100,000 will save $1,375 on tax, while those on $150,000 will save $3,975. Those on $180,000 can save $6,075 and earners on $200,000 will save more than $9,000.

Those at the other end of the spectrum on $40,000, will see no difference at tax time under the new policy.