Labour prepares to announce budget

11:55 AM

The first Labour budget in almost ten years has been unveiled to journalists at Parliament.

IRN political editor Barry Soper says the media will spend the next few hours digesting the Budget before it's read to Parliament by Finance Minister Michael Cullen.

He says Dr Cullen knows that whatever he announces there will be critics, but he believes his first effort will win more praise than condemnation.

Labour has announced $1.2 billion of additional spending this year. Much of it has already gone on pensions and interest cuts to student loans.

Health, education, business development and Maori are expected to benefit from today's Budget.

- IRN