17.04:
CTU economist Dr Bill Rosenberg describes today's budget as "fundamentally unfair".
"Someone on the minimum wage of $26,520 gets an extra $4.13 a week but someone on four times the minimum wage or $106,080 gets an extra $43.08 a week," he said. "Their tax cut is 10 times more than the worker on the minimum wage."
"Even worse, someone on ten times the minimum wage gets a tax cut of $153.92 a week, which is around $150 more a week than the person trying to get by on the minimum wage."
16.58:
The Green Party says cuts to the budget for improving and buying state houses - from $120m to $18m - will hurt New Zealand's "most vulnerable people".
"There are over 10,000 people on Housing New Zealand waiting lists, and John Key, who grew up in a state house, has decided that they do not matter," said co-leader Metiria Turei.
16.53:
Budget tax revisions designed to take distortions out of the rental property market are not expected to have a significant long term effect on house prices or rents, says Real Estate Institute of New Zealand president Peter McDonald.
"REINZ supports the government's moves to make the taxation system fairer and close the loopholes that enabled some people and businesses in all sectors to rort the system," he said, adding that "other property investors will replace those who were primarily attracted by the tax breaks,"
16.28:
Employers and Manufacturers Association chief executive Alasdair Thompson describes the Budget as the fairest in more than a decade. "Business will welcome the tax rebalancing being put in place in the budget as it will be much fairer," he said.
16.26:
The Researched Medicines Industry Association (RMI) has welcomed a medicine funding increase of $80 million over the next four years, with the Government contributing an additional $40 million of that funding.
16.18:
Andrew Casidy of bank workers' union Finsec has described today's tax cuts as "simply unfair."
"The wealthiest New Zealanders will benefit the most from today's tax cuts," he said, "the very people who can best afford to contribute more to a fairer society.'
16.10:
Children will be the big losers in today's budget, says New Zealand Kindergartens. Clare Wells, chief executive of the national group representing 29 of the 33 kindergarten associations across New Zealand, said members were deeply shocked at the Government's decision to cut funding to early childhood education services, saying the Budget will strip over $12m per year from kindergarten budgets.
16.02:
Labour Party early childhood education spokeswoman Sue Moroney said 108,000 children would be affected by a policy change in ECE to cut funding to centres that have more than 80 per cent qualified staff. Affected centres would be reluctant to fire their qualified staff and would likely pass on extra costs to parents, Ms Moroney said.
Three of five children in ECE centres would be affected, she said.
16.00:
Business owner structuring income to claim for Working for Families - $153.03c per week worse off.
15.58:
Labour Party health spokeswoman Ruth Dyson said the level of health spending would leave a "huge hole" and force DHBs to make cuts in services.
"This isn't enough for the health sector to stand still," Ms Dyson said.
Costs would increase due to the GST rise and the money allocated was hundreds of millions of dollars short of what had been estimated as necessary to maintain services, she said.
15.52:
Food and Grocery Council chief executive Katherine Rich says today's Budget is a significant step forward. "Changes to the GST system have a direct impact on the grocery sector, but these were signalled well in advance by the Government back in February. This has given the sector a head start in thinking about and preparing for the required changes," she said.
15.46:
Wellington Regional Chamber of Commerce CEO Charles Finny says the Budget will provide a solid platform for economic growth. "The rebalancing of the tax system away from income tax is a sound move that will improve New Zealand's economic performance by increasing incentives to work, save and invest," he said.
15.32:
The Government intends to issue $12.5 billion of bonds in the year to June 30, 2011, which is $2b less than signalled in the December half-year update.
15.26:
nzherald.co.nz poll shows mostly positive reaction to today's Budget, with 70% voting it a 'winner'.
15.21:
Community Gaming Association chairman John Burke says GST increase to 15% will mean less money for community groups from proceeds of gambling. He notes that, on top of GST, the Government already takes 20% of net revenue as a Gaming Duty, more than 1.5% as a Problem Gambling Levy and about another 1%-2% as fees for monitoring, licensing and compliance activities by the Department of Internal Affairs.
15.18:
Business New Zealand says the Budget will be viewed by companies as a positive move toward a more competitive, higher-earning economy. Chief executive Phil O'Reilly said the tax provisions were pointing in the right direction and the consistency of 28 percent for company and PIE taxes would make the system fairer.
15.15:
Standard & Poor's said that its views on New Zealand's sovereign creditworthiness was not immediately affected by today's budget. It has New Zealand on an AA plus long-term rating. "Although the deficit in 2011 is large, we note that the outlook has improved since the last budget and there remains an achievable and believable path to return the operating position to surplus,' credit analyst Kyran Curry said.
15.01: