Treasurer Josh Frydenberg has ruled out raising the pension age as part of the first retirement income review in 30 years.

Mr Frydenberg was asked if the government would consider raising the pension age as part of the wide-ranging inquiry into superannuation, savings and housing that will dominate Treasury's agenda for the next year.

"No, it's not, what we’re focusing on is, again, developing an evidence-based approach to future policy decision." he said in Melbourne on Saturday.

Treasurer Josh Frydenberg. Credit:AAP

"This will be the first holistic review of our retirement income system since compulsory super came in in the early 90s."