A review of the corporate tax system will aim to revive stagnating business investment by considering tax incentives for new capital expenditure, without blowing a hole in the federal budget, Productivity Commission boss Danielle Wood says.

The commission also plans to examine other politically contentious areas, including scaling back high-cost carbon-reduction policies in favour of lower-cost climate programs, and cutting red tape to speed up the energy transition rollout, among 15 reform priorities announced on Monday.