Derryn Hinch and Tim Storer still undecided but Turnbull tells Business Council of Australia the government is ‘not giving up’

The Turnbull government has pulled its legislation to cut the corporate tax rate for big business from 30% to 25% until the May budget session because it lacks the numbers to pass the politically unpopular measure this week.

The finance minister, Mathias Cormann, confirmed in the Senate on Tuesday evening the government would make a tactical retreat for now, lacking support from Victoria’s still undecided Derryn Hinch and new South Australian senator Tim Storer despite a full-court press from business chiefs and days of backroom negotiations.

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Read More Coalition postpones corporate tax cut bill after failing to secure support

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