Shadow treasurer Chris Bowen believes tough budget decisions must be taken to cushion Australia from the possibility of "very volatile" overseas financial systems.
About $30 billion was wiped off the Australian share market on Tuesday amid fears the United Kingdom could leave the European Union after the June 23 poll.
Mr Bowen told the ABC on Tuesday that giving treasurers room to respond to volatile financial systems was one of the arguments for "structural improvements" to the budget.
But Treasurer Scott Morrison accused Labor of wanting to increase the tax burden on Australians which would put stress on the economy.
"In uncertain times you have to control things you can control, not things you can't control," he told ABC.
"We are reducing spending."
But Mr Bowen said he'd announced more expenditure savings in one press conference last week than the treasurer had announced in "his entire budget".
