Prime Minister Malcolm Turnbull says he found a "real economic buzz" in the United States following US President Donald Trump's company tax cuts.
Returning from his US trip on Monday, which included talks with the president, Mr Turnbull said business leaders were also enthused by the cuts in regulation and red tape.
"We're already seeing this translate into higher levels of investment and higher wages," the prime minister told parliament.
"It was impossible not to be struck by the economic optimism and growing business confidence in the United States."
However, the buzz doesn't look like being felt in Australia after the government lost key votes in the Senate for its company tax plan.
One Nation leader Pauline Hanson has reiterated her opposition to the cut, which would see the company tax rate fall to 25 per cent, from 30 per cent, for all businesses over the next decade.
Asked if this was the end of company tax cuts in this term of the parliament, Finance Minister Mathias Cormann said: "I hope not."
"Families around Australia absolutely need us to ensure that all businesses can have access to a globally competitive business tax rate," he told ABC radio.
"If we do not pass our business tax cuts in full, we will miss out on investment, we will miss out on growth, we will miss out on jobs and higher wages."
Writing in The Australian on Monday, Senator Hanson pointed to the government's "false claim" that company income taxes drive business investment.
"This is ridiculous - all it does is undermine my confidence in the government and their advisers," she said.
The loss of three One Nation votes in the upper house means the government's legislation will fail.
It needs nine of the 11-strong Senate crossbench to pass legislation, given Labor and the Greens are also opposed to the cuts.
