Budget at a glance

The National government is calling its 2010 Budget the biggest reform of the New Zealand tax system for nearly 25 years.

Finance Minister Bill English said the Budget was all about building on the economic recovery that's underway in New Zealand.

Here are the key points from today's Budget:

At a glance:

* GST increase from 12.5% to 15% has been confirmed

* Personal tax rates will be cut from October 1

* New personal tax rates will be 10.5% (down from 12.5%), 17.5% (down from 21%), 30% (down from 33%) and 33% (down from 38%)

* Company tax rate will be cut to 28% from 30% from the next tax year

* Investment property tax rules will be tightened

* $2.1b extra funding for health over the next four years

* $1.4b extra for schools and early childhood education

* $321 m extra for science and research and development

* $1.4b funding this year for infrastructure including broadband, schools, housing and rail, plus $1b for roads.

- © Fairfax NZ News