The Labour Party's finance spokesperson, David Parker, says the Budget reflects a terrible two-speed economy where the main beneficiaries are the wealthy.
Mr Parker says the Government raised hopes about house price relief and alleviating child poverty, but hasn't delivered on either count.
He told Morning Report the country has a misshaped economy, with money going into speculation and not enough into production.
"We've got this tax bias which means that someone can own 10 houses and pay no tax on the profits. That tax bias which favours residential rental investment over other forms of investment both harms the economy and drives up house prices.
"There's nothing in this Budget that touches that; all they do is touch planning laws."
Mr Parker says a capital gains tax needs to be introduced to take some heat off the housing sector.
