Company tax cuts 'determined by budget' SHADOW Assistant Treasurer Mathias Cormann has hinted promised company tax cuts may not be as big as the 1.5 per cent previously pledged. As recently as last week Opposition Leader Tony Abbott reaffirmed the coalition's commitment to the 1.5 per cent tax cut promised before the last federal election. This would be offset by a levy on big business to fund his paid parental scheme, he said. Senator Cormann said the current budget uncertainty meant the coalition would make a final judgment on the size of the company tax cut when the pre-election fiscal outlook is released ahead of the September poll. Treasurer Wayne Swan on the weekend revealed revenues had fallen by about $7.5 billion since the mid-year budget update in October, when income was already marked down by $20 billion from the 2012 May budget. "We've had another three years of fiscal recklessness, incompetence and wasteful spending from Wayne Swan," he told Sky News on Tuesday. So after another three years of Labor the budget position that we find ourselves in in 2013 is even worse than the budget position that we found ourselves in in 2010. We obviously have to take that into account as we make final judgments on how we can best fund company tax cuts, and to what extent we can. Despite the deteriorating budget position, Senator Cormann said the opposition was still committed to its paid parental scheme which would pay new mothers their regular wage for six months, up to a maximum of $75,000. "We've been on the record for a very long time that we are committed to a fair dinkum paid parental leave scheme," Senator Cormann said. In the wake of Mr Swan's announcement of a $7.5 billion hit to revenues, Mr Abbott on Monday (Monday) said the precise amount and timing of the company tax cuts would be revealed closer to the election. Despite what he called "a big budgetary problem," Mr Abbott said the coalition would stick with its version of the paid parental leave scheme.