The Government has announced it will delay Senate vote on company tax legislation until after the winter recess.
Meanwhile, research from The Australia Institute has demonstrated the economic case for a company tax cut for big business has not been made.
“Company tax cuts will not lead to greater economic prosperity. In fact modelling from the Centre of Policy Studies (CoPS) shows a fall in gross national income as a result from these cuts with the benefits largely flowing to foreign shareholders,” said Ben Oquist, Executive Director of The Australia Institute.
“The cost to revenue of company tax cuts is enormous, putting future government spending on health, education or public infrastructure at risk.
“More than the politics, it is the economic case for the company tax cuts which has failed.
“The Senate has held firm and all Australians have them to thank for keeping a sensible economic stance.”