Business slams scrapping of company tax cut

The Government's decision to scrap the one percentage point cut to the company tax rate has not surprisingly angered business groups.

The anticipated relief for 700,000 businesses was flagged in the Henry Tax Review and was an original trade-off for the mining tax.

But the Treasurer has told the business lobby to blame the Coalition and the Greens for threatening to block the lower 29 percent.

Here's my initial assessment from ABC News 24's budget night coverage.

This morning, I interviewed Peter Anderson, the chief executive of the Australian Chamber of Commerce & Industry, about the company tax backdown and asked whether he blamed the Coalition for threatening to block the legislation.