Foreign-owned businesses make 40 times their expected economic contribution to Australia, new figures show, fuelling concerns inside the Coalition economic growth will be at risk if it dumps its signature company tax cuts before the next election.

Prime Minister Malcolm Turnbull and Treasurer Scott Morrison have built their economic policy around the argument that tax cuts for all businesses were needed to keep foreign investment flowing as other countries cut their tax rates.

Mr Morrison said when Australia cut its rate to 30 per cent in 2001, there were 19 OECD countries with a higher company tax rate.

Treasurer Scott Morrison. Credit:Alex Ellinghausen

"Now there are only two. And when France’s legislated company tax cut takes effect, Australia’s rate will be the second highest amongst advanced economies," he told Fairfax Media. "This means Australian jobs going offshore.”