Mr Morrison told those gathered at the Australian Financial Review Business Summit in Melbourne this week that the government was committed to enshrining the purpose of superannuation in legislation.
"Any changes that we make to superannuation will be about that purpose and making it fit for that purpose," Mr Morrison said.
"How tax incentives are structured will no doubt form part of these changes, but the changes will be about delivering a fairer and more sustainable retirement income system for our 21st century economy, building on the pension reforms in last year's budget," he said.
"Where you have to target and make every incentive work for you is on those Australians who are most likely to be at risk of being dependent on a welfare payment into their retirement."
Mr Morrison said any changes to the superannuation system would not be about "revenue raising".
"It is not about higher taxes to fund higher spending. It's about a better retirement incomes system," the treasurer said.
Last month, Mr Morrison said “hard decisions” lie ahead for the government, as it evaluates the purpose and effectiveness of super tax concessions.
“It’s great that people are saving for their own retirement. They do it in super and many other forms. But I believe they raise questions about the purpose of the concessions […]; certainly they boost retirement incomes to the extent that their absence would result in lower balances, arguably. However, what is less clear is where the concessions for high-income earners increase savings behaviour or relieve pressure on the age pension,” Mr Morrison said.