Dr Cullen's track record

Michael Cullen today delivers his fifth Budget in five years - putting him on a par with another Labour finance minister, Sir Roger Douglas, who delivered five in the 1980s. Political correspondent JOHN ARMSTRONG looks back on Dr Cullen's previous four.

BUDGET 2000

A cautious first effort, as Labour sought to balance its election promise to "repair the social fabric" with keeping its spending under tight control. Dubbing himself the "Iron Chancellor", Dr Cullen actioned Labour's 1999 election pledge card with more money for industry development, cutting surgical waiting times and improving mental health services. A freeze on student fees was flagged. However, this Budget will be remembered more for initiatives for "Closing the Gaps" between disadvantaged Maori and other New Zealanders. The phrase was subsequently purged from official usage because of perceptions Maori were receiving preferential treatment.

BUDGET 2001

A typical mid-term affair. The second leg of the double, it focused less on social spending and more on policies promoting economic growth via a so-called "innovation strategy". Notable for its first contribution to Dr Cullen's New Zealand Superannuation Fund.

BUDGET 2002

An election-year Budget, described by its author as an election-winning one but "most definitely not an election-buying one". Dr Cullen portrayed himself as in a premier league of finance ministers noted for their "fiscal prudence and predictability". But there were still some big-ticket items, principally a $400 million health package, which was unveiled before Budget day.

BUDGET 2003

Written against the backdrop of a slowing world economy, the Sars outbreak, drought, an electricity crisis, weak commodity prices and a strong dollar. Dr Cullen told low and modest income-earners they would have to wait another year for "significant improvements" in family assistance. It was strong on education and other building blocks of a high-skilled, innovative economy, while health soaked up more cash to keep it off the political agenda.