Federal Labor has warned the Turnbull government's plan to return to a "wafer-thin" budget surplus could be blown over by the slightest breeze
The mid-year budget update shows a tiny improvement in this year's financial position but with a worsening bottom line of about $11 billion over the three next years before reaching a balance in 2021.
"Today Australia's poor excuse for a treasurer is out of excuses," shadow treasurer Chris Bowen told reporters in Sydney.
The budget was still factoring in so-called "zombie" savings measures that had no chance of clearing parliament.
"The government should accept reality - that their plans do not meet with the support of the Australian people or the Australian Parliament," Mr Bowen said.
"The budget should be a more realistic document which reflects that fact."
All sides of parliament agreed with budget repair, but "what we won't do is sell out our values".
As well it was time for the government to drop its unfunded $50 billion plan to cut the company tax rate over 10 years.
Opposition finance spokesman Jim Chalmers scored the government's budget performance a "triple F" that was putting Australia's gold-standard triple A credit rating at risk.
"In this budget update, we see bigger deficits, more debt, more excuses, and a government which is part of the problem and not part of the solution," he told reporters.
Net debt was $100 billion higher than the figure the coalition inherited from Labor while gross debt would break through $600 billion in the next four years.
