Abolishing LISC will hurt low income earners, says Labor

In a statement, Mr Chalmers said in a statement that the Federal Government has "savaged the superannuation system for women and low- and middle-income workers".

"To freeze the Super Guarantee and smash the Low Income Super Contribution for almost three years ... shows how out of touch Mr Turnbull and his Liberals are," Mr Chalmers said.

"There are millions of Australians working now who will have thousands of dollars less in retirement because of Mr Turnbull and the Liberals."

Mr Chalmers further added federal treasurer Scott Morrison's plan in the budget is "little more than a cynical ploy sixty-one days out from an election."

Shadow treasurer Chris Bowen said in a statement the budget is "really a plan to deliver tax cuts for multinationals at the expense of Australian families".

"Tonight's budget is fiscal recklessness on a grand scale, proposing an unfunded and uncosted five per cent company tax cut over ten years, which has the potential to put Australia's triple-A credit rating at risk," Mr Bowen said.