The Federal Government has dumped its planned big business tax cuts.

“We have to recognise in this and all contexts, the iron laws of arithmetic, and we have not been able to secure the support of the Senate,” Prime Minister Malcolm Turnbull said on Wednesday.

“I think the truth is the political climate that used to have a broad bipartisan consensus … while that consensus used to be there, it is there no longer, and there is a lot more work that needs to be done.”

Cuts for businesses with an annual turnover of up to $50 million have already passed Parliament.

Draft laws that seek to slash the tax rate from 30 to 25 per cent for companies that turnover more than $50 million remain stuck in the Senate.

Finance Minister Mathias Cormann said he was disappointed.

“It is fair to say and I think nobody in the Senate would question that we did everything we could to secure the passage of that legislation, we truly left no stone unturned,” Senator Cormann said.

“I'm personally disappointed that we failed to secure the necessary support, but it is, of course, now important to pragmatically take stock of where we are and make judgements about the best direction for the future.”