Treasurer Scott Morrison has broken his holiday silence to call on people to keep a "cool head" about the Chinese economy, saying Australia was in a solid position despite recent global turmoil.
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In his first major interview for 2016, Mr Morrison said doubts about the Chinese economy - which have seen the Australian stock market plunge to a two-and-a-half-year low - were "not unanticipated".
"This is a time for just being, I think, very cautious," he told Sky News on Monday.
"Globally there is volatility. But the fundamentals of the Australian domestic economy I think are very sound."
The Treasurer also suggested that changes to the GST were still on the table, as the government prepares tax reform options ahead of the next federal election.
"Changing the tax system is one of the biggest opportunities we've got to ensure that we can grown the economy more strongly," he said.
"Of course we're looking at all the various options that are available to us."
When pressed, he would not say whether the government needed to get reluctant state governments on side in order to raise the GST or whether it could seek a mandate direct from voters.
"We're working consultatively with the states," he said. "But the ultimate arbiter on these things is the Australian people."
He downplayed reports that the government was considering two major reform options, with only one including a boost in the GST.
"I'm not about to comment on media speculation," he said.
Opposition leader Bill Shorten said a GST increase was the "exact opposite" of what Australia needed at the moment.
Speaking to reporters in Melbourne on Monday, Mr Shorten said people needed to feel like they could go out and spend and invest.
"Stop talking about a 15 per cent GST," he said.
Mr Morrison also dismissed reports that he has privately been advocating for an election early in 2016.
He said he had "no idea" where the suggestion had come from.
"We're governing. That's what we're doing."
Prime Minister Malcolm Turnbull has said he expects an election to be held around September or October.
Education Minister Simon Birmingham also told Sky News on Monday that he expected the government to run full term.
Labor frontbencher Michelle Rowland said the opposition needed to be ready for an election at any time, while Mr Shorten called on the government to "stop worrying about yourselves and when you want to have an election".
