Budget won't address cost of living: Labor

Jim Chalmers says the budget can't make up for "a decade of attacks" on wages, jobs and Medicare. (AAP)

Labor has branded the federal government's pre-election budget, filled with tax breaks and a cash splash, as a ploy that fails to plan for a better future.

Shadow treasurer Jim Chalmers says nothing in the budget - which revised down national debt by $100 billion over the forward estimates - made up for "a decade of attacks on wages, job security and Medicare".