New Treasurer Scott Morrison has given a strong indication the Federal Government will be making more spending cuts in an effort to return the budget to surplus.

Flanked by Finance Minister Mathias Cormann in his first press conference as Treasurer, Mr Morrison declared "we have a spending problem, not a revenue problem".

He conceded the level of Government spending had not fallen during the Coalition's term in Government.

"Expenditure as a percentage of GDP is over 26 per cent, which is where it was at the height of the GFC [Global Financial Crisis]," he said.

"This is not something that we believe is sustainable."

He vowed to pursue the Coalition's savings measures from the last budget, in particular, the changes to Family Tax Benefit system the Senate has rejected.

"The Family Tax Benefit (FTB) and family package arrangements are critical," he said.

"They not only have... important savings, but those savings are deployed on a very important task, and that is to make the cost of childcare more affordable for Australian families."

Shadow treasurer Chris Bowen said both revenue and government spending needed to be tackled as part of any federal tax reform package.

"Both revenue and spending measures need to be on the table, and it's disingenuous and dishonest and just plain wrong for Scott Morrison to pretend otherwise," he said.

White paper and MYEFO will not be delayed

The Federal Government plans to release its white paper on tax reform and the mid-year budget update on time, despite Malcolm Turnbull promising a new approach on economic policies upon taking over as Prime Minister last week.

"We will continue to follow process that has been established and we will release it when we're ready to release it," Mr Morrison said of the tax reform white paper.

"It's a critical part of our plans to provide real opportunities for Australians who want to work, save and invest."

He repeated the phrase "work, save and invest" numerous times throughout the press conference.

Senator Cormann confirmed the Mid-Year Financial and Economic Outlook (MYEFO) will not be delayed or brought forward as a mini-budget.

"We are working together on the MYEFO, which is on track to be delivered in December this year as planned," he said.

Mr Morrison said the Government's response to the financial systems inquiry is "very close to completion and will soon be considered by Cabinet".

Turnbull will not be as involved in budget cuts as Abbott

Mr Morrison praised the deposed former Treasurer Joe Hockey, lauding his efforts to increase global economic growth through the G20 and to tackle multi-national tax avoidance.

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But he has made it clear he does not share that focus.

"My job as Treasurer now, I think, is very much to be a home Treasurer, a domestic Treasurer, one very much focused on the challenges in front of us."

He has also indicated Prime Minister Malcolm Turnbull will not be as closely involved in the details of budget cuts as former prime minister Tony Abbott was.

"He will be having his strategic involvement" in the Expenditure Review Committee (ERC) of Cabinet, according to Mr Morrison.

"[But] the agenda and the day to day running of the ERC process will be driven by myself as Treasurer supported by the Finance Minister."