Labor will axe the Morrison government's program that allows first home buyers to access their superannuation, vowing to follow through with a key recommendation from the Financial Services Inquiry to use super solely to look after Australians in retirement.

With new figures showing the First Home Super Saver Scheme is attracting a small fraction of new entrants into the property market, shadow treasurer Chris Bowen has confirmed Labor will phase out the scheme while also legislating an objective for super.

Shadow treasurer Chris Bowen has confirmed Labor will axe the First Home Super Savers Scheme while setting a legislated objective for superannuation. Credit:Alex Ellinghausen

The scheme, which enables first time buyers to access extra savings put into their superannuation account, was introduced in the 2017 budget by then treasurer Scott Morrison. He argued it would help young people accelerate their savings to buy into markets in which prices were growing at double-digit rates.

Between the start of the program on July 1 last year and the end of January this year, 2374 people have made requests to access their super under the program. That equates to fewer than 4 per cent of all first home buyers to have been granted a home loan over the past 7 months.