Budget for millionaires, says Labor

The federal opposition has come out swinging over the budget's tax break for the wealthy and cuts to education.

Labor leader Bill Shorten says the federal budget delivers a tax cut for millionaires and a tax hike for every working Australian.

The government has removed the deficit levy from high-income earners, but will lift the Medicare levy on all workers by 0.5 percentage points in 2019.

At the same time, schools will face a $22 billion easing in funding and the Medicare GP rebate freeze won't come off in its entirety.

"Malcolm Turnbull's budget locks in a $16,000 tax cut for people making $1,000,000 a year, but he's cutting schools and Medicare," Mr Shorten said.

Shadow treasurer Chris Bowen said the budget failed the jobs test as unemployment was forecast to rise.

The deficit was 10 times bigger than was predicted in the first coalition government budget and growth was down.

"They've changed their tactics, they've changed their rhetoric, but they'll never change their minds," Mr Bowen said.

"Budgets are about choices, and Malcolm Turnbull has made his choices tonight.

"He has chosen big business over middle and working class families. He has chosen multinationals over Medicare. He has chosen big business over battlers."