One Nation leader Pauline Hanson has conceded she does not think giving Australian companies a tax cut will result in workers getting a highly sought-after wage increase.

Key points: Senator Hanson concedes the bill her party has given conditional support to will not see higher wages for workers

Senator Hanson concedes the bill her party has given conditional support to will not see higher wages for workers One of two remaining senators Government needs on side says he won't join One Nation's call to make big banks exempt from the cut

One of two remaining senators Government needs on side says he won't join One Nation's call to make big banks exempt from the cut Business executives are facing a Senate inquiry today about their lobbying for a tax cut

The Federal Government has argued its plan to cut the company tax from 30 per cent to 25 per cent by the 2026-27 financial year would trigger jobs and wage growth.

It is a claim the Opposition has rubbished, claiming businesses would pocket the proceeds of the Coalition's policy.

Senator Hanson and her party have given conditional support for the plan.

"Hand on heart, no, I've never said that there will be an increase in wages," she told the ABC's News Breakfast.

"I've actually said the opposite. But will it create more jobs or keep companies here? Yes."

Acting Opposition Leader Tanya Plibersek described the idea that there was an "automatic link between tax cuts and increased wages" as "fanciful".

"You have to be pretty simple, frankly, to believe the Government's argument that these businesses will pass on tax cuts as higher job numbers or higher wages," she said.

Business Council fronts Senate inquiry

Senior executives from some of Australia's largest businesses have faced a Senate grilling today about their lobbying for the company tax cuts, after the Business Council of Australia issued a pledge from its members that they would reinvest the benefits of the tax relief.

The planned tax cuts have stalled in the Senate, as the Coalition struggles to negotiate with the Upper House crossbench.

Finance Minister Mathias Cormann, who is leading the Government's efforts to pass the legislation, has yet to secure the support of Victorian senator Derryn Hinch and South Australian senator Tim Storer.

Senator Hinch has joined calls from One Nation to carve the big banks out of the proposed tax cuts, in the wake of shocking evidence presented to the banking royal commission.

But Senator Hanson's crossbench colleague Senator Storer, who has previously expressed concern about whether the proposed benefits of the company tax cuts have been exaggerated, is not convinced by that argument.

"Obviously, the royal commission has thrown up findings which are extremely disturbing and the public are certainly not agreeable to that sort of behaviour in general," Senator Storer told the ABC's RN Breakfast.

"But I think the issues are distinct and separate.

"Company tax cuts are relevant to all companies, and as such I won't be seeking a carve out of the banks as proposed by other senators."

Senator Storer told Parliament before Easter he would not back the legislation in its current form.

The Business Council of Australia (BCA) told today's Senate inquiry any move to exclude the banks from proposed company tax cuts would only punish consumers.

"Taking a populist punishment action on a section of the economy is not the way to deal with the revelations of the royal commission, it will hurt the economy," BCA chief executive Jennifer Westacott said.

"What has to happen is swift decisive action to deal with the bad behaviour."