AAA rating risk from budget: Labor

Labor agrees it has a role in repairing the federal budget, but the government must take responsibility for the deterioration in Australia's fiscal position.

A Parliamentary Budget Office report shows the nation's combined state and federal fiscal position has deteriorated by $14.9 billion, with about 60 per cent of this due to the federal budget.

"The budget has deteriorated further under the Turnbull government's watch," opposition finance spokesman Jim Chalmers told Sky News on Thursday. "We do have a role to play but it's time for the government to take responsibility for the deterioration in the budget. Australia's triple A rating is at risk."