Finance Minister Mathias Cormann has ruled out any changes to negative gearing or stamp duty arguing they would only result in a tougher private rental market.

Treasurer Joe Hockey last week attracted criticism for suggesting all people needed was a good job that paid well to break into Sydney's competitive housing market.

Finance Minister Mathias Cormann. Credit:Andrew Meares

Senator Cormann said he sympathised with first home buyers but that the way to ease the property market was to look at incentives to increase housing supply.