A standoff between the Turnbull Government and the Senate over multinational tax avoidance will be resolved this morning with the Government's agreement to support new amendments from the Greens.

The Government's Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015 will pass with two extra measures to combat tax avoidance:

The Australian Greens say Malcolm Turnbull has exposed his true colours by rejecting an Australian Greens amendment that would have increased transparency in corporate tax avoidance.

"Malcolm Turnbull wants to push ahead with cuts to family support and a higher GST but he's not willing to crack down on corporate tax avoidance," said Greens Leader Richard Di Natale.

"The whole game is up. The Turnbull Government has shown today that it will protect the big end of town and slug ordinary people. Tax reform should start at the top, not at the bottom.

Greens Treasury spokesperson Adam Bandt MP says the Greens will fight the government's plan to push up the goods and services tax.

"The Greens will fight tooth and nail to stop any GST increase," Mr Bandt said.

"The last 24 hours have confirmed what we have feared for some time. Malcolm Turnbull is testing the waters to see how far he can hike up this regressive tax."

"We accept the Budget has a revenue problem, but there are better ways to raise revenue, such as removing unfair tax breaks for big polluters and the very wealthy."

The Australian Greens have challenged new Prime Minister Malcolm Turnbull to dump the "nope, nope, nope" attitude of his predecessor when it comes to economic reforms that would reduce wealth inequality and face up to the reality of global warming.

"You can't have a serious economic plan if you've got Tony Abbott's climate policy leading into this election, and that's where Malcolm Turnbull is right now," said Greens Leader Richard Di Natale.

The Australian Greens have today released Parliamentary Budget Office costings that show removing structural unfairness in the tax system through the discount on Capital Gains Tax (CGT) could generate as much as $74 billion over the next ten years, rising to $127 billion when negative gearing reforms that have warped the housing market are taken into account.

“Joe Hockey has been given another option today to balance the budget fairly without asking students to go into a six-figure debt,” said Deputy Greens Leader and Finance spokesperson.

“The Customer Owned Banking Association has revealed that Australians are giving the big banks $4.5bn every year by underwriting their ‘too big to fail’ status.

“The Abbott Government is forcing taxpayers to financially guarantee the big banks so that if they fall over we have to pay for the cost.

“After a long winter break, the Budget is still unfair and the Government still has no plan to get it through Parliament,” said Mr Bandt.

“Repeating worn-out sound bites won’t pass the Budget.

“Mathias Cormann is flat out wrong to suggest that there is no alternative to the unfair and widely-detested Budget.

Reports that the government is considering a Budget makeover won't make it fair, Acting Greens Leader Adam Bandt said today.

"You can put lipstick on a pig, but it is still a pig," Mr Bandt said.

"If you still have to pay more to go to the doctor or to university, the Budget is still unfair."

"Tweaking the Budget will still see the young, the sick and the poor bearing the brunt of the cuts."

Tony Abbott should respond to his Treasurer's and Ministers' recent comments by rearranging his front bench and using the opportunity to ditch unfair Budget measures, said Acting Greens Leader, Adam Bandt.

"Tony Abbott's senior Ministers have broken the golden rule of Liberal party politics. They've stopped spouting three word slogans and told us what they really think, exposing that they don't share modern Australian values," said Mr Bandt.

Tony Abbott needs to sub Joe Hockey off the field if he wants to make any headway with his Budget, Acting Greens Leader Adam Bandt said today.

"On same day that the Commonwealth Bank announces record profits, we see that wages growth is the lowest in 17 years and real wages are going backwards. Meanwhile Joe Hockey says the poor don't drive but the big banks should be let off the hook."