The federal government says it will not give up on its company tax reforms, arguing the measure is vitally important for Australia’s prosperity.

The tax cuts passed the lower house overnight, but have little chance of getting through the Senate after One Nation pulled its support.

Pauline Hanson says the government has failed to sell the bill, costing the government three crucial crossbench votes.

Finance Minister Mathias Corman tells Alan Jones the minor party should reconsider.

“I was bitterly disappointed with the development earlier in the week when Pauline Hanson decided to walk away from what had been very firm commitments to support our tax plan.

“After a lot of very good work had been done to come up with a package and a way forward that was manifestly in the best interests of families around Australia.”

Alan also grilled Mr Cormann on the government’s growth in expenditure, with the Minister insisting debt will be eliminated in the near future.

“We are no longer borrowing to fund our day to day living expenses.”

Alan didn’t buy it though, “I don’t know what you’re borrowing the money for but last week you borrowed $1.7 billion.”

Click PLAY below for the full interview