Labor's first budget stuck to its election campaign script but offered only glimpses of a holistic vision and no surprises, says CPA Australia senior policy manager Gavan Ord.

Speaking on the latest Accountants Daily podcast, Mr Ord said it was a "cautious budget that suits the tough economic environment" with glimpses of future ambition in the areas of housing, manufacturing, and climate change.

"The Treasury made it clear this budget was about just delivering on its election promises. This was really just a reprioritising of government spending towards its election commitments.

"So it wasn't a traditional budget, there weren't really any surprises."