Scott Morrison has opened the door to Labor being part of a "positive discussion" to reform the economy and find budget savings.
In his first media conference since becoming treasurer, Mr Morrison said the transition from his predecessor Joe Hockey was proceeding "extremely well".
He said a series of reviews started under the former leadership was still in progress and there was no change to the tax white paper process "at all", denying media reports it had been suspended by Prime Minister Malcolm Turnbull.
"It is proceeding as we intended it to proceed, and the timetables around those issues have always been, I think, very broad and not fixed," Mr Morrison told reporters on Wednesday.
Tax reform was critical for Australians who wanted to "work, save, and invest".
Mr Morrison had earlier told News Corp that income tax cuts and a housing affordability package in partnership with the states were some of his initial priorities.
Opposition Leader Bill Shorten said he was sceptical when the Liberal Party started talking about lower taxes.
"The Liberals love to talk about lower taxes yet what they've done is managed to increase taxes," he told reporters in Brisbane.
"We know that they increased the income tax that people pay, they've put on new taxes on a range of items."
The treasurer earlier had a briefing with Reserve Bank governor Glenn Stevens.
Mr Morrison said growing the economy and achieving savings are the key tasks associated with budget repair, adding that the country had a spending problem, not a revenue problem.
"The door is open. (Shadow treasurer) Chris Bowen and Bill Shorten can put down their swords, if they like, they can get past the combat politics of the past and ... engage in the sorts of reforms that are necessary," he said.
He said the response to the financial systems inquiry was close to completion and would be soon considered by cabinet, while the Harper review into competition law reforms remained under discussion.
Finance Minister Mathias Cormann confirmed the mid-year budget review would be released in December, as it has been in the past two years.
Earlier, the prime minister said he intended the government to run full term and he wouldn't be rushing out his new economic agenda in a "hasty, ill-considered way".
Asked on Sky News to put a timeframe on his plans, Mr Turnbull said: "I don't believe in spinning my wheels."
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