Australia's center-right government has forced at least two months to shelve its plans to cut companies taxes by about A$ 65 billion (about $ 48 billion) after failing to get enough support from lawmakers.
"We need more time to prove our argument to the independent senators and we will continue to present our arguments to the Australian community and for that reason we have deferred the consideration of the legislation,” Minister of Finance said
Following the US tax cuts, Australian Prime Minister Malcolm Turnbull proposed cutting Australia's corporate tax rate to 25% from 30%. Turnbull hoped the tax stimulus would boost employment, boosting his chances of re-election.
While tax cuts for big companies are opposed by many lawmakers, Turnbull will have to rely on economic stimulus after passing the A$ 144 billion ($ 105.71 billion) for income tax cuts to boost employment and accelerate the growth of stagnant wages.
Australians will have to go to the polls when the general elections are held by May 2019.
