Budget projects operating surplus of $641 million

2.20 pm

Finance Minister Michael Cullen has projected an operating surplus of $641 million for 2000-2001.

Delivering the Government's Budget in Parliament this afternoon, Dr. Cullen said spending is at its lowest level as a proportion of GDP since 1977.

He says net debt is forecast to fall to 17.8 per cent of GDP by the end of this electoral term and from 21.7 per cent when the government took office.