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Our live blog of the Budget brought the latest updates, reaction and opinion as the day unfolded.
For full coverage visit our Budget 2012 section.
4.44pm: Horticulture New Zealand is disappointed increased biosecurity did not get a mention in the Budget, despite the recent brush with the potentially disastrous Queensland fruit fly.
4.31pm: Green Party co-leader Russel Norman said New Zealanders were paying for the Government's poor fiscal management.
"If there is a burden to be shared, it should be shared fairly," he said.
4.09pm: Tax experts say the extra $78.4 million the Inland Revenue Department has received in today's Budget for tax compliance is unnecessary.
3.56pm: Tax-dodging farmers who could have short-changed the Government by $275 million over the next six years are targeted by a revamp of farm livestock valuation schemes in the Budget.
3.38pm: What words stood out in Bill English's Budget speech? See a wordle here
3.26pm: Labour leader David Shearer says kiwis will be flocking to airport departures lounges following today's budget.? Speaking in the House, he said Budget 2012 was a zero budget that gave people zero hope and zero reasons to stay in New Zealand.
3.24pm: Financial markets appear to be taking the Government?s zero budget in stride, with the previously telegraphed main points already priced into the currency, bonds and swap rates.
The New Zealand dollar recently traded at US75.17 cents, little changed from US75.11c immediately before the announcement, while yields on 10-year government bonds were unchanged at 3.55 per cent. Swap rates, or the margin between government debt and corporate debt, were also largely static across the maturity profile.
3.13pm: Labour leader David Shearer refers to Prime Minister John Key as "Mr Australia" in his speech as he outlines how the Budget will drive more kiwis to Australia. Key replies with: "That's 20 minuts of my life I'll never get back."
3.08pm: Here's a pretty and informative graphic showing where the money is going: Money-go-round
2.59pm: Rating agency Standard and Poor's says today's Budget will have no immediate impact on New Zealand's rating.
2.49pm: The Government will increase spending on science and innovation by $385m over four years, taking total funding for the sector to $1.3bn by 2015/16.
2.45pm: The Government is again making changes to Kiwi Saver. Workers will no longer be auto-enrolled until the Government is back in surplus. This is expected to save $514m.
2.38pm: Removing the childcare, housekeeper and income-under-$9,880 tax credits will save the Government $117m and changes to livestock valuations will reverse a forecast $184m fall in revenue.
2.36pm: Dominion Post political writer Vernon Small reacts:
What? Ouch. Yawn.
A few small surprises, a little bit of pain and mostly what we were all told to expect.
The Government has achieved its promised surplus in 2014/15 but it is far smaller than was needed for credibility.
It is essentially a mannequin surplus, dressed up to look good.
2.31pm: Read Finance Minister Bill English's full speech here.
2.26pm: Wealthy asset owners, farmers and children are among those being squeezed for an extra $410 million over the next four years.
The Budget will cut the amount of tax deductions available for mixed use assets such as holiday homes, boats and aircraft.
The new rules will allow owners to claim deductions only in proportion to the income earned compared to their private use.
So those renting out a holiday home for 30 days a year and using it themselves for 30 days can claim a deduction for only 50 per cent of the property?s costs, rather than 90 per cent.
The measure is expected to save about $109m over four years.
2.24pm: Budget verdict in from DomPost: Unfortunately, New Zealand needed a brave Budget, not one that tinkers around the edges. Read more.
2.08pm: The main points of Budget 2012
* Closing a tax loophole for those who rent out their bach and boat, saving $109m over four years
* An excise tax hike on tobacco, taking the price of a pack of 20 cigarettes to more than $20 by 2016
* Scrapping the annual inflationary increase to early education funding
* Deferring KiwiSaver auto enrolment
* Increasing student loan repayment rate to 12 per cent
* Increasing cost of prescription items to $5 each
* 154,000 new jobs over the next four years, unemployment to below 5 per cent by 2015
* Government debt to rise from $50b to more than $70b before return to surplus
* A return to surplus by 2014/15 (of $197m)
* New spending totals $26.5m to 2015/16
* Reprioritising $4.4b of spending.
2.06pm: Finance Minister Bill English has just handed down his fourth Budget and second zero Budget, showing the Government is on track to return the Government's books to a $197 million surplus by 2014/15.
That's despite a $1.2 billion deterioration in forecasts since February.
2.05pm: Smokers, families with young children and people who exploit tax loopholes on the family holiday home have been hit in the pocket in today's Budget.
2.03pm: The Budget media lock-up will shortly come to an end and you'll get to see exactly where the money will, and won't be, spent.
The Government is expected to hit smokers and high income earners in the pocket, including those who rent out the family bach, as the Government signals a range of measures to raise extra revenue, including a continuing crackdown on tax loopholes.
1.51pm: In Wellington, more than 60 people were on Parliament steps, protesting about student allowances and child poverty. Students, from Victoria University, were carrying banners saying "education for all," "you debt our burden," while chanting "stand up, fight back".
1.30pm: Angry students protesting about a ''black budget for universities'' are causing chaos on a central Auckland road. Hundreds of protesters have gathered on Symonds St outside the University of Auckland and are chanting "no education cuts" as they block traffic and wave banners.
1.06pm: Labour leader David Shearer has taken his first Budget day swipe at Prime Minister John Key on twitter:
Only 2 days ago @JohnKeyPm said ?Under a National Govt, exports are rising?? we've just heard that exports are down by a massive 17%
12.15pm: If you're a student and want to find out what increases in repayments will mean for your pay cheque, the NZ Herald has made a handy student loan repayment calculator.
11.35am: All you tech geeks who haven't downloaded the Budget app yet - it's free and called 'NZ Budget'. But it doesn't do anything until 2pm so looks like this:
11.21am: The Government will fail to deliver a forecast budget surplus by 2014-15, according to iPredict traders.
11.12am: Thoughts on whether this will happen Wellingtonians?
Craig Lucinsky - @DrLouisSlugso: PM personally thanks Wellington on behalf of whole nation for bearing brunt of govt. cost savings #budgetprediction
11.08am: For full budget coverage visit our Budget 2012 section.
10.47am: A couple of protests are planned for today. A hikoi on child poverty will march from Te Papa to Parliament at 12pm. Hone Harawira tweeted earlier he was getting his walking shoes on.
Tertiary students opposing loan changes will be heading from Victoria University's Kelburn campus to Parliament also at 12pm.
10.30am: See you later team! Our political reporters head into the Beehive's budget lock-up room. They get all the Budget documents and can prepare articles for 2pm but can't communicate with anyone outside the room. We'll hear from them later today.
10am: Today's 'zero' budget is so tight treasury trimmed $100,000 off the cost of printing the document itself.
Voters are blaming Labour more than National for the country's current debt levels, according to a survey of Fairfax newspaper readers across the country.
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Key points announced so far:
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