The luncheon on Friday was presented as part of the state government's budget roadshow, in partnership with the Launceston Chamber of Commerce and the Tasmanian Chamber of Commerce and Industry.

Mr Ferguson presented his first budget as Treasurer on Thursday and said it was a hallmark of a budget that would deliver on its promises from previous years.

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However, the decision to go into debt has been heavily criticised by Labor, with Treasury spokesman Shane Broad saying it will be "ordinary mums and dads who will suffer" and pay from the growing list of infrastructure projects.

"It was a strong and a smart decision to borrow to build...we will return to surplus in 2023-24," Mr Ferguson told the large crowd at Launceston's Grand Chancellor Hotel.

Dr Broad said families would suffer in the form of cuts to services or new taxes as a result of this budget.

"Mr Ferguson has wrecked the state budget at his first opportunity by having Tasmanian families foot the bill for his incompetence at the same time failing to outline any plan to deal with the rising cost of living in the midst of a cost of living crisis.

"With inflation now at 5.8 per cent and wage growth only at 2.8 per cent, Mr Ferguson's first budget does nothing to reflect the fact that wages aren't keeping up with the rising basic costs all families face."

Launceston Chamber of Commerce president Andrew Pitt said with the result of the federal election final, the Tasmanian Government needed to swiftly act on GST distribution reform.

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"The Morrison Government's decision, which I believe is supported by federal Labor, will see Tasmania's share of the GST cut significantly by 2027," he said.

"How to make that shortfall up needs to be urgent priority and the state government should urgently secure Tasmania's share of the GST."

Despite that comment, Mr Pitt said generally this year's budget was a sensible one, however he urged caution on the growing skills shortage as a potential problem for an infrastructure heavy budget.

Premier Jeremy Rockliff said in his address to the gathered members, that he had said he would lead a government that was courageous, had integrity and had heart, and that was exemplified in the budget.

He said combined health and education spending accounted for nearly 60 per cent of expenditure, which was to provide infrastructure that Tasmanians deserved.

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However, he pointed to the homelessness and housing crises that have engulfed the state, saying he was "acutely aware of the issues facing too many Tasmanians".

While the budget did commit to spend more on social affordable housing, pressures such as labor, supply chains and the skilled workforce issue had compounded a tricky problem to solve.

Mr Ferguson said he and the Premier were proud of the economic state Tasmania was in, and said the momentun was only moving forward, with low unemployment rates and growth in gross domestic products, retail spending and exports.

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