Fran O'Sullivan: No chewing gum budget but who will offer more?

"Does your chewing gum lose its flavour on the bed-post overnight?" - not this time the Finance Minister must be hoping as voters digest the news that they will get tax cuts just weeks before the general election.

The Lonnie Donnegan song must surely have resonated with Cullen when he parked plans for minimal tax cuts last year after facing derisory attacks from political opponents.

The Government had planned to index the thresholds for various progressive tax rates to inflation. But Cullen reneged on the cuts after critics said they would pay for nothing more than the price of a packet of chewing gum.

This time round he's made sure the tax cuts are of sufficient size not to be instantly derided - or immediately shift voter attention towards National to assess if that party's proposed cuts will leave them better off.

Cullen has clearly taken a bet that rising costs will not overtake the extra amount taxpayers will be allowed to keep from October 1 - when the first step in his three year programme of rolling tax cuts goes into effect - does not outweigh the amount they will receive back from tax cuts. At least not in the short term.

Beyond that it is a moveable feast. Voters will decide whether to vote for Cullen's programme or National's. No prizes for working out who will offer them more.