Voters DecideFinance Minister Mathias Cormann hailed the agreement as a victory, allowing the government to ?implement the first three years of our 10-year plan? to cut company taxes.
Opposition parties rejected the cuts for big business -- even as Turnbull warned that Australia would struggle to compete as President Donald Trump plans to slice company taxes in the U.S.
Prime Minister Malcolm Turnbull was forced to water down his plan to cut company taxes for big business, undermining the central plank of his strategy to boost growth just five weeks before the government releases a budget aimed at saving Australia?s AAA credit rating.
Turnbull?s plan to cut the tax rate for all companies to 25 percent over the next decade is in limbo.
Andrew Mackenzie, the chief executive of the world?s biggest mining company BHP Billiton Ltd., joined other business leaders in Canberra on Wednesday urging parliament to pass the full tax cuts.
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