Labor has seized on a new independent analysis of Australia's negative gearing system to dismiss growing warnings by the Morrison government that reining in the tax concession will trigger a collapse in the housing market.

The data compiled by the Parliamentary Library suggests as few as one in 10 properties bought over the past year were purchased for tax loss purposes - a finding shadow treasurer Chris Bowen said proved Labor's policy posed no risk to the economy.

Under pressure to abandon or alter the opposition's proposed changes to negative gearing in light of falling house prices, Mr Bowen said there was no chance Labor would move away from the policy reset, which combined with an increase in capital gains tax is expected to raise more than $32 billion in revenue over the next decade.

Under the Labor proposal, negative gearing could only be used for newly built properties, and Australians who currently negative gear a rental property would be grandfathered.