"This task cannot be pursued by the government in isolation. Business has a critical role to play in demonstrating to the Australian people that as their business grows, their employees will benefit," Mr Morrison told the Australian Financial Review Banking & Wealth Summit in Sydney on Thursday.

"I have raised consistently with large business representatives the need to address the broader collective reputation issues large businesses have with the Australian public that are being cynically exploited by an opportunistic Labor Party," he said.

Mr Morrison's comments come a week after the government secured a last-minute compromise to cut taxes from 30 to 25 per cent for businesses with a turnover of up to $50 million.

There has been a perception in government circles that big business and the Business Council of Australia has not done enough to support pro-business policies, including the company tax cut and the winding back of penalties.

The Treasurer reiterated the government would continue to pursue the full company tax cuts for businesses with a turnover of up to $100 million.

"The gains will be felt from the start and once fully implemented, our policy will permanently increase the size of the economy by more than 1 per cent of GDP - that's more than $17 billion in today's dollars every single year," he said.

On Tuesday, Fairfax Media revealed that the government's tax cuts to businesses earning up to $50 million a year would be worth just 0.2 per cent to the economy by the time they are fully implemented in 2025.

Shadow treasurer Chris Bowen fired back at Mr Morrison accusing him of "begging big Australian companies to do his job for him".

"Mr Morrison is clearly all out of ideas as he pursues the balance of the $50 billion in company tax cuts at a time when company profits are at record highs, while telling Australia's lowest paid who are already struggling with record low wages growth that they need to accept cuts to penalty rates," he said

The Treasurer said this year's budget would continue its "unapologetic focus on jobs and growth," while also endorsing the crackdown by the Australian Prudential and Regulation Authority on bank lending for home investors in the wake criticism from Reserve Bank Governor Phillip Lowe.

"Australian households are the fourth most indebted in the OECD - behind only Denmark, the Netherlands and Norway," he said.

"However, as alluded to by governor Lowe on Tuesday evening, we should also bear in mind that low interest rates, increasing household assets, and our debt concentration in higher income households, provide some comfort."

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