Australia’s Federal Budget, which will be handed down on Tuesday, will include higher taxes for luxury cars.

It is one of a raft a measures that Federal Treasurer Wayne Swan has signalled will target people who have done well from Australia‘s economy over the past years.

For the first time in more than 10 years, taxes will rise for prestige cars from 25 per cent to 33 per cent.

The cars affected will be those that cost more than AUD$57,000.