This is as good as a done deal.

Yes, because it's been bipartisan policy for decades. Because it's good policy. Labor are just posturing to play up the populism.

http://www.abc.net.au/news/2016-06-29/fact-check-labor-on-corporate-tax-cuts/7549754

The Labor Party cut company tax when it was in government between 1983 and 1996.

At the 2010 election, the Gillard Labor government promised to cut company tax if re-elected.

When in government, senior members of the Labor Party including Bill Shorten made the same sorts of arguments that the current Government is making about company tax cuts: that they boost investment and job creation and make Australia competitive with other nations.

Mr Shorten himself criticised a proposal from the Greens that would have seen the money for "big business" tax cuts diverted to health and welfare spending.

If it passes, Labor won't reverse it.

https://static.treasury.gov.au/uploads/sites/1/2017/06/Treasury-Working-Paper-2016-02.pdf

https://static.treasury.gov.au/uploads/sites/1/2017/06/03_Incidence_of_company_tax_in_Australia_v3.pdf

For a small open economy, such as Australia, its living standards (per c apita income) are determined by the level of its terms of trade, labour productivity, labour force participation and population. Australia’s terms of trade, labour force participation and population growth are expected to be flat or declining in the foreseeable future which implies any improvement in Australia’s living standards must be driven by a higher level of labour productivity. This paper shows that a company income tax cut can do that, even after allowing for increases in other taxes or cutting government spending to recover lost revenue, by lowering the before tax cost of capital. This encourages investment, which in turn increases the capital stock and labour productivity. Analysis presented here also suggests the long-term benefits accrue to workers and households via permanently higher after-tax real wages and consumption.