August 22, 2018 / 3:16 AM / a year ago

Australian PM Turnbull dumps company tax cut policy

SYDNEY, Aug 22 (Reuters) - Australian Prime Minister Malcolm Turnbull jettisoned his government’s controversial proposal to cut company tax on Wednesday after the policy was rejected by the parliament.

“It can’t pass the Senate,” Turnbull told reporters at a press conference in Canberra, adding that political consensus that the cuts would drive productivity is no longer apparent. “We will not be taking the tax cuts for larger companies to the next election,” he said.

Turnbull narrowly survived a leadership challenge from within his own party on Tuesday. His government does not control the upper house Senate. (Reporting by Tom Westbrook; Editing by Michael Perry)

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