Prime Minister Tony Abbott has ruled out changes to negative gearing, saying the government does not want to kick off the tax reform debate with increasing taxes.

Asked whether he would rule out changes to negative gearing, following an Australian Council of Social Service report that called for the tax break to be restricted, Mr Abbott said: "Yes".

The Reserve Bank submission shows that the typical cost of a deposit is higher than it has ever been.

"The thing that worries me about so many of the contributions to our national conversation is that in the end they're all about increasing taxes," he said.

While he was supportive of "closing loopholes and ending anomalies" to try and make the tax system fairer, this would not include major changes to the popular tax break used by millions of Australians.