Now not the time to change super: Hockey

Treasurer Joe Hockey says at a time of low interest rates it is unacceptable to increase tax on superannuation, as suggested by Labor.

Commenting after the Reserve Bank's decision to cut the cash rate to an all-time low of two per cent on Tuesday, he said it's going to make it very hard for retirees who rely on bank savings.

"It is unacceptable to have any increases in taxation on superannuation in the upcoming budget because now is not the time to hit superannuants who are facing potentially many years of lower returns on their savings in bank accounts," Mr Hockey told reporters in Canberra.