Turnbull talks down corporate tax cut

Prime Minister Malcolm Turnbull has talked down the prospect of a further company tax cut to boost investment.

Mr Turnbull said the innovation statement released on Monday included a number of "very generous tax offsets" for investing in startup companies.

There were also many opportunities in the present economic climate for companies to seek capital and small businesses had received a tax cut in the 2015 budget, he says.

Asked on the ABC's 730 program whether a cut in the company tax rate would help businesses to innovate and drive growth, Mr Turnbull said: "It would be a way, but I think the problem is affordability."

He said a cut of five or 10 per cent to the corporate tax rate would be "an enormous charge" on the budget.

"It would stimulate growth but there would be a cost to the budget," he said.