Anthony Albanese delivers his budget reply (Image: AAP/Mick Tsikas)

Anthony Albanese's budget reply speech declined to lay out any large-scale Labor response to the government's embrace of big-spending, thereby -- according to orthodox political commentary -- missing an opportunity.

No big vision, no big initiatives -- mostly criticism of the government, and not particularly for the budget, either. He announced a social housing fund, the upshot of which is probably $700-800 million (depending on investment returns) a year to build around 4000 homes a year, 20% of which would be reserved for victims of domestic violence and senior women.

No further detail on that, especially around how to stop cost-shifting by the states, which is what the NSW and Victorian governments did when Kevin Rudd pumped hundreds of millions into 20,000 social housing units during the financial crisis. And funding for apprenticeships in renewables industries, part of Labor's focus on the economic benefits of renewables investments.