Treasurer Scott Morrison says critics of a tax cut for the big banks ignore the fact that it would be offset by the bank levy.
The federal opposition argues $17 billion of the corporate tax cuts will go to the four big banks, just as they are in the spotlight over dodgy dealings and on the nose with voters.
But Mr Morrison said Labor's analysis is "superficial".
"By the time large banks come into the enterprise tax plan about $16 billion would already have been raised from the bank levy," Mr Morrison told Sky News on Monday.
"The bank levy is almost entirely already completely offsetting any benefit they would receive from that corporate tax reduction."
Legislation enabling the rate to be cut from 30 per cent to 25 per cent is expected to be debated in the Senate later this month.
He said the government would continue to argue for the cut even if the legislation was blocked.
"You can expect us to continue to do that because we believe it's the right thing to do for the Australian economy," Mr Morrison said.
Former prime minister Tony Abbott said division in One Nation over the company tax cuts showed the folly of minor parties.
"The fact One Nation can't get its act together on company tax cuts, the fact they can't get their act together on industrial relations, is a good argument to vote for a major party," he told 2GB radio.
Pauline Hanson's party split over the issue last week, with NSW senator Brian Burston siding with the government on the need for the cuts.
Senator Hanson has called on Senator Burston to resign his seat.
Labor frontbencher Jim Chalmers said Australian families wanted help with their cost of living, not business tax cuts.
