Cuts to an "uncompetitively high" 30 per cent company tax rate are under serious consideration as part of a broader economic upheaval that the government believes will need to be on the same scale as the Hawke-Keating reforms of three decades ago.

With Treasury, the Department of Prime Minister and Cabinet and the coronavirus committee led by businessman Nev Power all working on policy options for the October budget, the government is operating on the assumption the economy is in a similar position to that of 30 years ago when it underwent a badly needed overhaul under Labor.