Treasurer Scott Morrison says the government is developing a package of reforms to address housing affordability, rental stress and homelessness for inclusion in the May federal budget.

Mr Morrison said while Labor's only policy to address housing issues was a "silver bullet" plan on negative gearing, the government was preparing to work with the states and territories on housing supply issues.

"We're working on a package for the budget. It will deal with the challenges in housing affordability from those who are reliant on social housing in our community, all the way through to those who are trying to break in to the first home ownership market," he told Sky News on Sunday.

"We've got to remember that over 30 per cent of Australians actually live in homes that are rented.