Rio Tinto CEO Jean-Sebastien Jacques.

While Malcolm Turnbull was preparing for and undertaking an otherwise pointless trip to the United States to generate some positive publicity for corporate tax cuts, Australian business was demonstrating how his arguments about the need for them simply don't stack up.

The December 31 corporate reporting season that ends this week will have been one of the best, if not the best, for listed Australian companies since the financial crisis erupted a decade ago -- and all under Australia's supposedly onerous company tax regime. The half-year reports (and full-year for some groups, such as Rio Tinto, Oz Minerals, Coca Cola Amatil and Adelaide Brighton) has been marked by more companies than expected reporting higher profits.