It’s official: company tax cuts defeated in parliament

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It looks like Pauline Hanson held true to her word and voted against the Turnbull Government’s company tax cut package:

The Turnbull government’s corporate tax cut legislation has been defeated 36 votes to 30 in the Senate…

Finance Minister Mathias Cormann made a failed last-ditch attempt to drum up key crossbench support by carving out Australia’s big four banks.

The government will have to decide whether to ditch the policy after legislation was defeated 36 votes to 30 on Wednesday.

Let’s hope this is the end of the issue.

About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.