The federal government could secure three crucial votes from the Nick Xenophon Team for its company tax cut plan, but only if it adopts a politically contentious emissions intensity scheme for the electricity sector.
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| Senator Nick Xenophon (left) could support company tax cuts in exchange for an emissions intensity scheme. |
Support for the $48 billion company tax cut plan from Pauline Hanson's four One Nation senators was on hold late on Monday because of a dispute in the sugar industry in Queensland.
Senator Xenophon has, to date, indicated his party would only back a cut in the company tax to 27.5 per cent for companies with a turnover of up to $10 million.
The federal government wants to cut company taxes from 30 per cent to 25 per cent over 10 years for all businesses. Labor will only back a cut for companies with a turnover of $2 million and the Greens do not support the policy, which effectively puts the fate of the plan in the hands of the Senate crossbench, where One Nation and the Xenophon Team both have the numbers to block it.
Read James Massola’s story in today’s Melbourne Age - “Crucial support for company tax hinges on Turnbull backing for emissions scheme.”
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