The federal government says it understands seniors are struggling to make ends meet, but increasing the aged pension would be too costly.
Pensioners have accused the government of treating them with contempt for failing to lift the aged pension from $273 a week.
"They've chosen in this budget to treat senior Australians with contempt and to reject them as part of the working family mantra," National Seniors Australia head Michael O'Neill said.
"Senior Australians ... get nothing out of this budget."
Federal Treasurer Wayne Swan said a comprehensive review of pensions would be undertaken but adjusting the pension in this budget would have been too costly.
"We do share the concerns of ... all of those people who are living on pension level payments which are very low and are struggling to make ends meet," he said.
"This is very expensive in terms of those sorts of additions to pension income.
"It would have been a very big hit to the budget bottom line in one budget."
The budget includes $7 billion worth of measures for pensioners, including the $500 seniors' bonus, an increase in the utilities allowance to $500 a year (from $107 a year) and an increase in the telephone allowance to $132 a year.
Prime Minister Kevin Rudd said they were a first step.
"No one has to convince me that pensioners are struggling," Prime Minister Kevin Rudd told the Macquarie Radio Network.
"We regard this (budget) as a first step in trying to produce a better outcome for them."
The Australian Greens said that was not good enough.
"(Pensioners are) stuck on poverty levels - on $273 a week - and the Rudd government's giving them nothing in terms of a pay increase," Greens leader Bob Brown told reporters.
"That's disgraceful."
Senator Brown said the $500 one-off bonus was a "token gesture".
Nationals senator Barnaby Joyce said the Rudd government didn't understand the plight of pensioners.
"What are these people going to do?" Senator Joyce told reporters.
"They're the group that's under the most pressure in our society, and once a year they get a chance to buy the groceries and half a car load of fuel.
"Pensioners should have been better looked after."
