"It is a missed opportunity because it keeps the nation shackled to more years of deficits and a high cost structure that erodes business competitiveness and innovation," he said.
Stephen O'Flynn, head of tax at Melbourne consultancy Moore Stephens, said there was nothing major to kick business along.
"The crackdown on perceived loopholes that are supposedly being exploited by multinationals, such as the thin cap reform, will be a drag on business," O'Flynn said.
Shadow treasurer Joe Hockey said the Budget delivered "fundamental untruths", more debt, more deficits, more taxes, more broken promises and more uncertainty.
The Property Council said the Budget's commitment to infrastructure spending had been let down by missed opportunities and misguided tinkering, while Master Builders Australia said it lacked the business-orientated productivity and tax reforms needed to boost flagging business confidence and growth.
Retailers and the Food and Grocery Council said Swan had done little to stimulate growth and confidence, or to ease costs and regulation.
And universities said new tertiary spending did not offset the earlier announcement of A$3.8 billion in cuts to higher education.