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Australia's powerful business lobby has savaged federal politicians for failing to legislate tax cuts for large companies. Jennifer Westacott from the Business Council of Australia says it was "bitterly disappointing" tax cuts for companies with annual turnovers above $50 million were dumped in August. The coalition government ditched plans to lower the tax rate from 30 to 25 per cent after minor parties sided with Labor to block the plan. "I think it's a terrible mistake - a colossal mistake - that the parliament has made," Ms Westacott told the National Press Club in Canberra on Wednesday. "We will see in 10 years time how well the Australian economy fares as country after country after country lowers their rate and draws in more investment." Meanwhile, the government has fulfilled its side of a deal done with One Nation during negotiations to pass the tax cuts. Despite One Nation senators Pauline Hanson and Peter Georgiou reneging on their support for the cuts, Deputy Prime Minister Michael McCormack on Wednesday announced $60 million to trial a wage subsidy as an incentive for employers in regional and rural communities to engage more apprentices. The subsidy will kick in from January 1. Senator Hanson said in a statement the program had come after "arduous talks with the coalition". "One Nation has removed the burden of cost to businesses, but more importantly, created a pathway for training Aussie kids in the trades that governments have given to foreign workers as a result of domestic skill shortages," she said. Australian Associated Press