Federal Labor MPs are portraying the Abbott government's second budget as an election ploy while their coalition counterparts are hosing down talk of an early poll.
"Last night we got an election strategy, not an economic plan," Labor's Jim Chalmers told reporters at Parliament House.
Mr Chalmers, previously an adviser to former Labor treasurer Wayne Swan, said the budget was a "merry go round" budget of half-baked ideas and old plans.
Liberal MP Dennis Jensen was dismissive of early election talk.
"I think it's you guys speculating rather than anything the government has put out," he told reporters.
Nationals MP Andrew Broad argued those suggesting the budget was about an early election were misreading the situation.
Labor frontbencher Jenny Macklin said the "very, very political budget" contained many short-term bonuses and spending cuts pushed beyond 2016.
Millionaire MP Clive Palmer says the government has got it wrong with its small business package because it doesn't have the cash to spend up big.
"If people can't make a profit, they don't pay taxes - it's irrelevant. What do I care if I get a one per cent discount on my tax rate if I don't have to pay tax anyway."
The Palmer United Party will announce its budget plan at a lunch on Wednesday.
Independent senator Nick Xenophon damned the government's second attempt with faint praise, saying any budget would look better than last year's effort.
He doesn't have a problem with a new $5 billion Northern Australia fund but the South Australian is concerned southern states will be relegated to "rust belt status" as they transition from the end of automotive manufacturing.
Labor MP Deb O'Neil said the budget still had hidden nasties.
"It's like when you see your kids make the bed, there's a whole lot of lumps underneath."
