Prime Minister Tony Abbott says there will be no changes to negative gearing, burying some concern about the future of the property investment provision.

Mr Abbott was asked about the concessions many claim benefit the wealthy while pushing house prices ever higher – negative gearing and capital gains tax on property.

The Australian Council of Social Service (ACOSS) has published a report which found that these two tax breaks punch a $7 billion hole in the budget in favour of higher income earners.

“Right across the community we've got a big problem with housing affordability and, in our view, these current tax arrangements on investment properties are a part of the problem,” ACOSS chief executive Dr Cassandra Goldie told the ABC.

“Over half of geared housing investors are in the top 10 per cent of personal taxpayers and 30 per cent earn more than $500,000.”

ACOSS wants negative gearing removed for new investments in property, shares and similar assets.

“We also propose, consistent with the Henry Report, that the 50 per cent discount on individual capital gains be reduced and that the same tax break should apply to other investments such as bank accounts and rents received by housing investors,” Dr Goldie said.

Analysts say changing negative gearing could bring revenue savings of over $1 billion a year, while changes to CGT could bring as much as $5 billion.