Aussie holidaymakers with lapsed passports will be able to fast-track new documentation if they have an impending overseas trip.

Treasurer Jim Chalmers announced in his Budget on Tuesday night that the government is establishing a rapid turnaround service for new passports.

The fast-track option, which begins on July 2, will give Australians the option to pay $100 to have their passport processed in five business days.

The treasury predicts the new measure will increase receipts by $27.4 million over the next five years 

The treasury predicts the new measure will increase revenue by $27.4million over the next five years.

Any money generated will be re-directed to the Foreign Affairs and Trade portfolio.

The Australian Passport Office advises travellers to allow a minimum of six weeks to get a new passport or to renew an old one.

Aussie holidaymakers with lapsed passports will be able to fast-track new documentation if they have an impending overseas trip.

Treasurer Jim Chalmers announced in his Budget on Tuesday night that the government is establishing a rapid turnaround service for new passports.

The fast-track option, which begins on July 2, will give Australians the option to pay $100 to have their passport processed in five business days.

The treasury predicts the new measure will increase receipts by $27.4 million over the next five years 

The treasury predicts the new measure will increase revenue by $27.4million over the next five years.

Any money generated will be re-directed to the Foreign Affairs and Trade portfolio.

The Australian Passport Office advises travellers to allow a minimum of six weeks to get a new passport or to renew an old one.