Company tax cuts clear first hurdle

Parliament's lower house has passed the Turnbull government's 10-year plan to cut company taxes for Australian businesses.

The Turnbull government's $50 billion worth of tax cuts for Australian businesses has cleared parliament's lower house.

The centrepiece of last year's budget, which Labor voted against, will reduce the corporate tax rate to 25 per cent for all companies over the next decade.

"This measure works to deliver jobs security, stronger wages, increased investment and the growth that Australians depend on," Treasurer Scott Morrison told MPs on Monday.