The Coalition wants to restrict welfare payments to Australian citizens only and explicitly link net migration to housing, Angus Taylor will announce in his budget reply speech on Thursday night.

The Opposition Leader is also reportedly going to revisit a plan to index tax brackets to either inflation or the midpoint of the Reserve Bank’s inflation target band.

The Coalition would also scrap the Housing Australia Future Fund, the Help to Buy shared equity scheme, build-to-rent tax incentives, and the $3 billion bonus on offer to States who build more than their share of the 1.2 million home target.

And it would more than double the infrastructure fund announced on Tuesday night to $5 billion — the same as Peter Dutton proposed at last year’s election.

“This is a time when Australians are feeling deeply insecure, they are losing hope of the prospect of owning a home, of starting and running a business, of starting a family,” Mr Taylor said in Canberra on Thursday morning.

“That’s not the Australia I believe in. It’s not the Australia I grew up in, but it’s the Australia I want to see again, and we will be putting Australians first in what we announce tonight, in everything we do between now and the next election.”

The 17 welfare programs that permanent residents can currently access, including the NDIS, family tax benefits and paid parental leave, would be restricted to Australian citizens only under the Coalition’s plan.

People who are already on the NDIS would be allowed to stay on it, and everyone in the country would be able to access healthcare.

This would save the budget “many billions, many billions” over the next four years, Mr Taylor said, adding that the exact figure would be released “close to the election”.

“We’ve got many people who stay here for many years, could become citizens, and I encourage them to become citizens if they’re committed to this country,” he said.

“But from here on in, as far as we’re concerned, if there’s a Coalition government after the next election, these welfare programs, these 17 programs, should be restricted to Australian citizens, others who come to the country will get access to them when they become citizens.”

He will use his speech on Thursday night to pledge to cap net overseas migration based on the number of new homes built in the previous year.

Last year, 173,890 new homes were built.

Skilled visas, many of which would have gone to people already in Australia, were capped at 185,000.

Net overseas migration — which includes returning Australian expats, who can’t be prevented from entering the country, and temporary migrants staying for more than 12 months like international students and backpackers — was 295,000.

This net figure has attracted intense scrutiny since it soared to more than 550,000 in the year after the nation’s borders reopened following the pandemic, when international students and skilled workers flooded back into the country after being barred, and far fewer people than usual departed.

The issue of fewer people leaving Australia’s shores than the long-term average number is proving a persistent problem, keeping net migration higher than pre-pandemic levels.

Mr Taylor has previously said the Coalition would target some 77,000 visa overstayers and make them leave the country.

He has also promised the Coalition would repeal the changes to capital gains tax discounts, negative gearing and taxes on trusts the Government unveiled in its budget on Tuesday, meaning he wouldn’t collect an estimated $8 billion over the next four years.