Prime Minister Kevin Rudd has rejected the opposition's plans to cut the company tax rate.
In his first major announcement of the election campaign, Opposition Leader Tony Abbott has promised his government would lower the 30 per cent company tax rate to 28.5 per cent from July 1, 2015.
Mr Rudd has told the ABC economic circumstances at the moment don't permit a company tax cut.
Mr Abbott's announcement has been widely welcomed by the business community but federal Treasurer Chris Bowen has questioned how the five billion dollar reduction in company tax will be paid for.
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