Prime Minister John Key has delivered his first Parliamentary speech of the year, outlining his Government's policy programme for the year.
nzherald.co.nz has brought you the latest updates.
2.51pm: Liquor licensing will be reformed as part of the Government's plans for law and order, Mr Key says.
Mr Key wraps up his speech by thanking political partners in Parliament.
He says 2009 was not an easy year for many people, many lost jobs and confidence. But things are looking up he says, to loud protest. The Government's over-riding concerns are to improve opportunity and fairness, he says.
"New Zealand will be a better places to live."
2.49pm: Mr Key raises his voice in his defence of National Standards for schools, which he says is supported by the majority of parents. Chatter in the House is also rising.
Benefits will also be reformed. New Zealand currently spends $7.6 billion a year - $20 million every day - in benefits.
Adjustments will be made to criteria to get the Sickness Benefit, and it will become harder to reapply for the Unemployment Benefit, he says.
2.46pm: The next item in Mr Key's speech focuses on investments. He wants to make New Zealand a hub for finance in the Asia Pacific.
He also says this year will see the introduction of super-city, free trade agreements, new highways and broadband roll-out.
2.44pm: Mr Key says the Government will push oil and open up more government-owned land for mining. It wants to "unlock" the potential of New Zealand's natural resources, including fertile land, petroleum, minerals and water.
"Our challenge is to make more of that economic potential," Mr Key says.
Oil is already New Zealand's third-largest export earner, and the Government will look to push that up to $30 billion in export revenues by 2025.
Crown land will be opened to mining - but will have to meet strict environmental guidelines.
Roadblocks to increasing irrigation in Canterbury will be removed, Mr Key says.
2.41pm: Mr Key has shifted his focus to research and technology, a Government priority, he says.
Current policies are not doing enough to encourage innovation, he says.
The Government will be making changes, including changes in the way it invests in Crown Research Institutes.
2.39pm: No final decisions made on GST, Mr Key says. The Government will only increase GST if the vast bulk of New Zealanders will be better off.
Working for Families will not be cut, but loopholes allowing higher income families access to the support will be addressed, he says.
2.38pm: GST increase to "no more than 15 percent", Mr Key says, to some protest from the House.
He gets applause for saying personal income tax will be cut across the board so Kiwis can take home more of their income.
2.37pm: Mr Key announces no land tax or a capital gains tax, even if the Government is losing money in the property sector. He says the Government will change the way property is taxed - but gives no further details.
2.36pm: Mr Key begins to outline his plans for tax reform. Tinkering in recent years has made taxes more complex.
The economy needs to be shifted away from consumption to savings, he says.
2.34pm: New Zealand's incomes have fallen behind neighbours, including Australia, in recent years, Mr Key says.
Increasing businesses' access to capital and support of research will boost the economy, he says.
Another Government priority is to improve service delivery in social services, education and health.
2.33pm: The Speaker of the House interrupts the speech as a rowdy House disrupts Mr Key.
2.32pm: Prime Minister John Key begins his major speech of 2010, setting the Government's agenda for the year. He is expected to outline his plans for tax reform.
Mr Key is speaking to the year's first parliamentary session. With New Zealand coming out of the recession and with still a year to go until election year, he is expected to be able to push some contentious programmes.
Earlier today he said he would be announcing "bold steps" to transform the New Zealand economy.
