Labor says the budget puts big business ahead of battlers.
"The Liberals say this is a plan for jobs and growth - but it's really a plan to deliver tax cuts for multinationals at the expense of Australian families," shadow treasurer Chris Bowen said.
"Tonight's budget is fiscal recklessness on a grand scale, proposing an unfunded and uncosted five per cent company tax cut over 10 years, which has the potential to put Australia's AAA credit rating at risk."
Mr Bowen said it was a "Liberal budget to its core".
He's taken issue with an "extended GP tax by stealth" as well as "cuts" to funding for schools, Medicare, families, pensioners, veterans' hospitals and higher education.
A person earning $1 million a year will get a $16,715 tax cut, but three-quarters of taxpayers would get nothing, Mr Bowen said.
A couple on a single income of $65,000 with three children in primary school would be $3034 worse off a year.
A single mother on an income of $87,000 with two children in high school would be $4463 worse off.
"The difference between Labor and Liberal could not be more stark," Mr Bowen said.
"We'll put people first, while the 2016 budget has shown the Liberal party will look after high income earners and multinationals."
