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HOW WILL GST DISTRIBUTION CHANGE

* A floor ensuring no state or territory will get less than 70 cents in every dollar of GST revenue collected from 2022/23, rising to 75 cents in 2024/25.

* Benchmark to be measured against the stronger of NSW and Victoria, phased in over six years between 2021/22 and 2026/27.

* During this transition period states and territories will get the better of the old or the new system.

* An extra $9 billion in federal money will be delivered to states and territories over 10 years, with an additional $1 billion in perpetuity once fully implemented.

* The Productivity Commission will conduct an inquiry at the end of the transition period to assess whether the updated system is working efficiently, effectively and operating as intended.