They would also make the Government more transparent about the impact on future generations, with Mr English saying relatively small short-term decisions could have significant long-term outcomes.
"It takes us further along a track which has been good for New Zealand - it's got broad support."
Labour finance spokesman David Parker said he agreed there needed to be fiscal responsibility, but the bill was "window-dressing" and Labour's proposed amendments should have been adopted, including the introduction of a reference to national savings.
Greens' co-leader Russel Norman said it was a good bill, and commended the principle requiring the Government to look at the impact on future generations. But he said the amended principle of fairness when setting revenue strategy was at odds with National's own fiscal policy.
New Zealand First MP Andrew Williams said the party had opposed the bill as a waste of time, but now supported it because it could do no harm.