Scott Morrison says he will consult widely in coming weeks as he puts together his first mid-year budget review and responds to a series of reviews, including the tax white paper.
In his first statement after being sworn in as treasurer on Monday, Mr Morrison said the Turnbull government would aim to provide economic opportunity and security for Australian families.
It is also his ambition to drive the confidence necessary for growth.
“Central to this confidence is jobs,” he said.
Mr Morrison said it was the government’s duty to taxpayers to manage the nation’s public finances, while continuing to steadily reduce the budget deficit and the debt burden.
“It is a great privilege and exciting responsibility to be taking on the role of treasurer and I thank the prime minister for putting his confidence in me,” the former social services minister said.
Mr Morrison acknowledged the work and dedication of his predecessor Joe Hockey, and particularly Mr Hockey’s leadership during Australia’s presidency of the G20 in 2014.
The former treasurer’s legacy was “strong and worthy”, he said, and represented a turning point in the nation’s finances.
In his last act as treasurer, Mr Hockey released the final budget outcome for the 2014/15 financial year, which recorded a deficit of $37.9 billion – a $3.3 billion improvement compared with the estimate at the time of the 2015/16 budget release in May.
Mr Hockey announced on Sunday that he would be leaving parliament.