Budget: What to expect and what we know

Finance Minister Steven Joyce at Petone printing plant with Budget speech. Photo / Gia Garrick

Steven Joyce's maiden Budget today is expected to be a "steady as she goes affair" that keeps his predecessor's conservative touch.

When the Finance Minister delivers the Budget at 2pm this afternoon, he is expected to show the Government's books are in good shape.

"With the economy firing, we expect the Budget to show a very healthy set of Government books," ASB said in its preview of today's event.

"As a result, the Government and new Finance Minister are likely to be spoilt for fiscal policy choices this election year," the bank said.

There could be room for tax cuts or increases in spending before Kiwis head to the polls, but ASB does not expect Joyce to depart from Bill English's conservative approach.

ANZ's economics team was of a similar view.

"The Minister of Finance's pre-Budget speech mentioned the word 'resilience' 10 times, giving a clear impression that the Government's mindset (even with some key changes in leadership) has not shifted from a prudent approach to spending," ANZ said.

Pre-Budget announcements have already detailed some spending, including more for trade negotiations, tourism infrastructure and the movie industry. The film industry is in line to get another $303.9m. The Government has also lifted its commitment on infrastructure spending to $11b over four years.