Treasurer Scott Morrison says the Government has no plans to allow first home buyers to access their retirement savings so they can afford a deposit.

Key points: Treasurer Scott Morrison ruled out the idea of using superannuation for deposits during Question Time

Treasurer Scott Morrison ruled out the idea of using superannuation for deposits during Question Time Paul Keating took the policy to the 1993 election, but now says it's "irresponsible" and "scandalous"

Paul Keating took the policy to the 1993 election, but now says it's "irresponsible" and "scandalous" The superannuation industry strongly opposed the idea

It follows widespread criticism from the superannuation industry and economists about the idea.

Government figures repeatedly refused to rule out the proposal last week, instead saying they would not speculate on any measures to address housing affordability before the May budget.

That led the Opposition to accuse the Government of planning changes that would allow younger Australians to raid their retirement savings, warning it would push up property prices.

But Mr Morrison ruled out the idea during Question Time when asked by shadow treasurer Chris Bowen if the Council of Financial Regulators had expressed concerns.

"For that to be the issue, the Government would have to have a proposal along those lines," Mr Morrison said.

"We have no proposal along the lines that the shadow treasurer has referred to."

Mr Morrison also sought to attack Labor, saying the proposal was first taken to the 1993 election by former Labor prime minister Paul Keating, only to be later abandoned.

Mr Keating has since been very critical of the proposal, describing it in an opinion piece for Fairfax Media as "irresponsible" and "scandalous".

"The only party that has put that forward in a formal sense to an election is the Labor Party," Mr Morrison said.

"We know they didn't go ahead with that, so the lesson from that episode is you can never trust the Labor Party on anything, then or now."

Finance Minister Mathias Cormann also sought to distance the Government from the proposal.

In 2015, Senator Cormann said allowing Australians to access their superannuation for property would increase demand for housing and drive prices up.

"My position in relation to this particular proposition, which has been on record for a very long time, hasn't changed," he told the ABC.

"If you are concerned about housing affordability, which is caused by demand exceeding supply, you don't want to pursue measures that boost demand.

"You want to pursue measures that boost supply and if anything help moderate demand, and that is obviously not something that is on the table with this particular proposal."

The superannuation industry strongly opposed the proposal after already facing a fierce battle with the Government over now-abandoned plans to impose a $500,000 lifetime cap on after-tax super contributions.

The Grattan Institute's John Daley has previously said the proposal would help first home buyers save for a deposit, but would worsen affordability for buyers overall.

Mr Bowen criticised the proposal last week, saying it would undermine retirement savings, create new risks, and increase the costs of housing.