"We've got the worst growth in 50 years, more than 50,000 Kiwis fleeing to Australia and a 50 percent increase in unemployment,'' he said.
"This truly is a zero Budget. It has zero growth and zero aspiration for New Zealanders. It offers zero hope that it will grow our economy now or in the years ahead. It fails to make the tough choices.''
He said Prime Minister John Key and Finance Minister Bill English were "confidence tricksters'' who were making promises that they had not delivered on.
"National keeps promising growth without doing anything to encourage it the political equivalent of putting a seed on a windowsill and wishing it into a forest. Last year, they promised 4 percent growth. Today they've cut it to 2.6 percent,'' he said.
Mr Shearer also criticised National's job promises.
"They've promised year after year that there will be more jobs. Last year, the figure was 170,000 more over four years. Now it's 16,000 fewer than that.''
