Malcolm Turnbull company tax cuts

Minutes after the Senate finally killed the government's company tax cuts plan on Wednesday, the Prime Minister emerged to dump his signature economic policy. Turnbull announced that the government would not take its plan to cut the company tax rate to 25% for the world's biggest corporations to the next election.

The decision frees up only a relatively small amount over the forward estimates -- just over $1 billion -- but tens of billions over the next decade that could be redeployed to other, more political appealing policies.