The Wellbeing Budget doesn't live up to the hype and has little in it for Hawke's Bay, Hastings-based financial commentator Nick Stewart says.

One thing that was clear to Stewart, chief executive of Stewart Financial Group, was the lack of benefits for business in the Budget.

"I don't see this Budget correcting the worsening business and investment sentiment.

"With one recent rate cut and economists and the market picking a second 25 point cut in September many were hoping for some inspiration following some big 'captains calls' over the last 18 months, like the ban of oil and gas, but this Budget was standard fare."

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Stewart said Labour's lifting of spending on social investment approaches started some years ago, rather than with the Wellbeing Budget.

He does feel the dropping of school donations will help local families.

"Locally parents with children in decile 1-7 schools will be pleased not having to continue with shouldering the burden of voluntary school donations and a more certain revenue stream will please schools."

He says it's hard to see what doubling down on the former Labour Government's investment on KiwiRail with the $1b investment will do for the industry.

"It's difficult to see if this next capital injection will the right rail. Previous injections have been stated at the time as being sufficient but proved well short."