At the same time, the Newspoll found primary support for Labor unchanged, as the coalition slipped further behind and One Nation continued to surge.
Among the 1252 voters quizzed, 52 per cent believed they would be worse off over the next 12 months as a result of the government's tax changes and other measures and only 11 per cent thought their circumstances would improve.
The poll also found 47 per cent of voters felt the budget was driving a wedge between younger and older generations while 26 per cent believed it was rebalancing the playing field and making things fairer.
Published in The Australian, the poll ranked Treasurer Jim Chalmer's efforts below the Abbott government's controversial austerity budget in 2014 and the worst since the Keating government's 1993 budget when Labor abandoned the infamous "L-A-W" tax cuts.
But it also put primary support for Labor unchanged at 31 per cent while the coalition dropped one percentage point to 20 per cent and One Nation surged from 24 to 27 per cent following David Farley's victory in the Farrer by-election.
Anthony Albanese remained well ahead of Liberal Leader Angus Taylor as preferred prime minister with 46 per cent support compared to 38 per cent.
Some Liberals see One Nation's win in the Farrer by-election, a seat held by the coalition for the previous 77 years, as an existential threat.
Senior party figures are hoping an ambitious plan to bake in permanent annual tax cuts will help the coalition reconnect with voters who have abandoned it after a year of political infighting.
The opposition is also hoping to capitalise on Labor's decision to wind back concessions for investors, including negative gearing and the capital gains tax discount.
A Freshwater poll released on Sunday showed 44 per cent of voters thought the budget would leave their household worse off while 13 per cent thought it would improve their circumstances.
More than 80 per cent of those surveyed thought Labor had broken its promise to leave property tax concessions unchanged.
Dr Chalmers attempted to set expectations, saying he didn't believe the budget would boost support for Labor.
"I would be more surprised if there was some kind of budget bounce in the polls today, given this budget was full of hard decisions, not handouts," he said.
As federal Labor continues selling its controversial changes to taxes on housing, it has announced a project that is expected to deliver an extra 51,000 dwellings from mid-2028.
Under an existing plan to fund more enabling infrastructure for housing like roads, sewage and utilities, the Commonwealth will pour $2 billion into projects in the Queensland growth areas of Mount Peter, Southern Thornlands and Waraba.
Of that funding, $399 million will be handed out as grants while the remaining $1.6 billion will be provided as zero-interest loans.
The Queensland government will provide an additional $399 million from its own coffers and 20,000 of the new properties will be earmarked for first home buyers.
Deputy Premier Jarrod Bleijie said the funding would help speed up construction.
"More homes across Queensland are needed and fast, and a key way the Crisafulli government can play its part is to unlock land and deliver supply, supply, supply," he said.
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