No negative gearing changes: PM Tony Abbott

While his Treasurer is overseas, Prime Minister Tony Abbott has quashed speculation over the future of negative gearing by promising there will be no changes.

"Yes," was his answer when asked on Thursday whether he could rule out changes to negative gearing

There has been speculation that the government, through its taxation white paper process, might bow to pressure over claims negative gearing was benefiting the landlord class.

Abbott said he wanted to have a conversation about reducing taxes and curbing spending.

"Now, I don't absolutely rule out closing loopholes and ending anomalies and trying to make sure that existing tax rules are fairly and squarely applied, but the government I lead wants taxes to be lower, simpler, fairer," he said.

"We'll continue tax reform in the upcoming budget with a small business tax cut. I would say to the people who are running around looking to increase taxes on people, what we really need to do is to get our spending under control.

"Australia does not have a problem with taxes being too low; Australia has a problem with spending being too high because of the excesses of the former government."