States and territories sharing in an extra $3.4 billion in GST receipts are still waiting to see how the formula could change.
A crackdown on the illegal cash economy has seen the total pool rise to $65.8 billion in this financial year, with Western Australia seeing its share jump from 34c in every dollar to 47c.
But Queensland and the Northern Territory will lose out in the 2018/19 GST distribution, which helps fund state schools, hospitals and other services.
The Productivity Commission is examining how the formula could be changed to better account for shocks like the mining boom, with proposals to be handed to the government in May.
"Any arrangement, if there were to be a change, would need to have a robust transition scheme which would mean that states could continue to plan for their future with certainty fiscally," Treasurer Scott Morrison told reporters on Thursday.
WA Treasurer Ben Wyatt said his state was on a "better trajectory", but will still push for reform.
NSW Treasurer Dominic Perrottet said the system needed to stop "subsidising the inefficient states like Queensland and South Australia."
"We want to see NSW and Victoria rewarded for their strong position, rewarded for the reforms they take," he told reporters.
Victorian Treasurer Tim Pallas said there didn't appear to be anything broken in the way GST receipts are allocated, while SA Treasurer Rob Lucas said the new figures showed the system worked.
Queensland Treasurer Jackie Trad said the cut was significant to the state's budget, but it was not unusual for GST revenue to change.
The big jump in Victoria was mainly due to population movement, while Queensland's share fell because of improvements to the economy.
Mr Morrison said the figures - especially for the NT - showed there was more work to be done on the GST distribution formula.
"It's not an easy issue but it does require a very patient and a good faith discussion about how we proceed," Mr Morrison told reporters before the meeting.
