Treasurer Joe Hockey and Labor's Wayne Swan have locked horns over who's responsible for the final budget outcome for the last financial year.
The $48.5 billion deficit for 2013/14 is the second largest shortfall on record.
Mr Hockey pointed the finger at Mr Swan, the one-time world's best finance minister who forecast a deficit of $18 billion for the year when he delivered his last budget in May 2013.
The year before, he had predicted a surplus of about $5 billion.
"They were only $30 billion out ... it's quite a considerable effort," Mr Hockey told parliament on Thursday.
"Well done, no wonder he was made treasurer of the year ... no one can meet that benchmark."
But Mr Swan was having none of it as he listened from the opposition back bench.
"Someone let the buffoon out of the cage. Hockey declaring another economic emergency despite our AAA credit rating," he tweeted.
Earlier, Finance Minister Mathias Cormann promised the budget deterioration under Labor had been stopped by the coalition.
But shadow treasurer Chris Bowen and opposition finance spokesman Tony Burke questioned Mr Hockey's statement the 2013/14 budget outcome was for the "last year of a Labor government".
"The last time we checked, the Abbott government has been responsible for budget and economic policy since September 2013," they said in a statement.
This means the government was in charge for 75 per cent of the financial year.
The budget blowout was due to the government's own policy decisions, including giving $8.8 billion to the Reserve Bank of Australia, the Labor frontbenchers argued.
The coalition government has forecast an improved $29.8 billion deficit for 2014/15.
Senator Cormann was asked how the budget was progressing given a sharp drop in iron ore prices, which fuels substantial tax revenues.
"There are a lot of moving parts," he said.
The government's mid-year budget update in December will offer a more up-to-date view the nation's accounts.
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