The budget delivers sound steps but no step changes and rates about a 6.5 out of 10, according to Business Roundtable executive director Roger Kerr.
"There is not much we would be critical of," he said. "The budget reveals sound steps but not step changes."
The Government had taken up only about one of 40 recommendations by the 2025 Taskforce headed by Don Brash.
Today's budget was a sensible package, but there were no privatisation plans and no plans to privatise ACC, he said.
The Roundtable accepted changes to depreciation in the budget and welcomed the lowering of the company tax rate.
The Government was forecasting only a modest recovery and a widening current account deficit.
"The Government has not really announced any significant issues in a number of areas like regulatory reform. The programme seems to be languishing there."
The Roundtable had promoted the idea of legislative cap on government spending, and this was not in the budget.
"There is a big gap between the taskforce programmne and where government is at the moment," he said.
Local government reform before Parliament was not very bold, he said.
"They don't want to do big bang reforms. No one is saying that is necessary, but on the other hand there are a lot of things they could be doing at a decent pace."