From 2013/14 the corporate tax rate will be cut from 30 per cent to 29 per cent as part of its minerals resources rent tax package, with the reduction coming a year earlier for small business.
The cut is half of that promised under the now defunct resources super profits tax.
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"Obviously we'd like to do more, and we'll continue to assess our capacity to do so in the light of our fiscal circumstances," Mr Swan said in prepared speech to the Council of Small Business Organisations of Australia (COSBOA) in Brisbane on Thursday.
"The Gillard government clearly believes that the direction of company tax in Australia must be downwards so we can help our businesses compete."
He said in contrast, the opposition is proposing to raise the company tax rate to 31.7 per cent to pay for its paid parental scheme.
"So it's pretty clear which side of Australian politics is working to build up our businesses so we can strengthen our whole economy," he said.
