The government has rejected a report it will curb capital gains tax concessions for property investors in an attempt to improve housing affordability and boost revenue as budget cuts continue to falter in the Senate.

According to The Australian Financial Review, the policy will be formally announced in the May budget and will not apply to shares and other investments.

The report follows a year of consistent Coalition attacks on the Labor Party's proposal to limit negative gearing and halve CGT concessions, which have been framed as policies that "punish mum and dad investors".

But Prime Minister Malcolm Turnbull and Finance Minister Mathias Cormann dismissed the story.