Speaking at the annual general meeting of explosives maker Orica, the company he chairs, Mr Broomhead also expressed concern about the "rising tide of nationalism" in parts of the world, urging business leaders to advocate for global free trade.

"As the US joins other nations with a significantly lower tax rate, it is vital that we follow so that we continue to encourage the investment we need to underwrite the prosperity of future generations of Australians," he said.

Speaking to media after the AGM, Mr Broomhead said he would like Australia to cut corporate tax "as soon as possible".

"I understand the political difficulties, but we do have to remain competitive," he said.

Australia was facing "potentially a very large gap between the Australian corporate tax rate and the competing tax rates" in other nations, he warned.

"Business is the wealth generator that really underwrites our standard of living, and we depend on investment and particularly foreign investment in this country to keep that standard of living continuing to prosper.

"If we're that uncompetitive, people go elsewhere. And you'll never know, because it's something you just might have had that you just miss out on. But when you look at our GDP growth rate against the world average and against what's happening in other comparable countries we risk really dropping behind - so it's just a matter of competitiveness,'' he said.

Earlier, he told Orica shareholders it was important that Australia reap the benefits of worldwide economic growth.

"Economic growth is central to our improved standard of living and to a stable society. Australia has done well when we fully participate in the global economy and when we encourage our wealth creators - business - to compete and prosper. That is what drives job creation and improved standards of living for us all," he said.

Mr Broomhead, who is also a director of mining giant BHP, lauded the role foreign investment had played in Australia, saying it was essential to get the most out of the economy and to create jobs.

"Without foreign direct investment and global trade, Australia would not have enjoyed over a quarter of a century of continuous economic growth," he said.

Major resources projects and regions were "developed off the back of foreign direct investment," he said, singling out coal in the Bowen Basin, iron ore in the Pilbara and oil and gas in Bass Strait.

"It is also important that we engage successfully with China, which will continue to grow as the regional and global economic powerhouse. Australian companies can benefit enormously from this regional growth and can be helped by a good productive relationship at the government level," he said.

Mr Broomhead also said demand for coal would continue.

"We believe that coal will be a key component of the energy mix... even under the most aggressive renewable projections. Simply because of the huge growth that's occurring within China and India, coal has to be part of that mix under current technology, now technology may change.

"And indeed I think from a social justice point of view it's really important that people who live below the poverty line have access to the cheapest power possible, and currently, that's coal. It may well become renewables in the future,'' he said.

Orica's chief executive Alberto Calderon told shareholders that the company, which reported a statutory net profit after tax of $386 million and earnings before interest and tax of $635 million, had delivered "a sound and stable result" in fiscal 2017.

Fiscal 2017 was "characterised by significant headwinds, including increases in raw material costs, foreign exchange impacts and price resets in older customer contracts," he said.

But he expressed confidence the company was "nearing the end of the period of headwinds and can significantly increase our investment in future growth for the first time since the end of the mining commodities boom".