The tax tables say it all - everyone is getting a cut and when GST at 15 percent is factored in, no one will be worse off.
The Labour Party doesn't accept that and says raging inflation will make families worse off. The numbers game will be played out for months.
Entrenched speculation that the big middle income bracket between $48,000 and $70,000 wouldn't be touched was wrong - the rate is dropping from 33 percent to 30 percent.
The rest was more or less right, with the lower and top rates going down, tax avoidence loopholes closing and a big hit on property speculators.
The cuts come in on October 1, and in April next year the company tax rate goes down from 30 percent to 28 percent.
For full analysis of how the Budget will affect people in the South, buy today's ODT or click here for the digital edition.
Prime Minister John Key says Treasury believes the budget will boost economic growth by about one percent.
"I'm not sure there's anything else we could do to the economy that would give it that sort of momentum,'' he told reporters.
"There are no losers in this Budget... I think when people weigh up all of the aspects they will see we've done our best in a difficult set of circumstances.''
One tax expert admitted he hadn't thought it was possible to come up with a Budget that pleased everyone, but Mr English had come close.
"It almost looks like white rabbits out of the hat,'' said Institute of Chartered Accountants tax director Craig Macalister. "A lot of people will be quite happy with it. We might see a bit of confidence return to the economy.''
The notoriously difficult to please Business Roundtable gave the budget 6.5 out of 10.
"There's not much we would be critical of,'' said executive director Roger Kerr. "The budget reveals sound steps, but not step changes.''
In his speech to Parliament, Mr English said he was aiming to rebalance the economy away from spending and consumption and towards saving and investment.
"New Zealand owes the world $168 billion, or around 90 percent of GDP,'' he said.
"The Government is committed to policies that will reduce our vulnerability. ..we will emerge from recession with sound finances, quality public services and low and stable tax rates.''
The Budget carries a deficit estimated at $8.6 billion, but that is forecast to steadily reduce until the Government's books are in surplus in 2015 - three years earlier than forecast in last year's budget.
Mr English said it would take at least a decade of tight management to deal with the effects of the global financial crisis and the Government would have to continue borrowing at $240 million a week.
In the debate that followed Mr English's speech, Labour described the Budget as a tax swindle and a pile of broken promises.
"The real winners in John Key's budget are the very highest earners because most New Zealanders' tax cuts will be wiped out by inflation before they even get to the checkout,'' said Labour leader Phil Goff.
"Inflation of nearly 6 percent will destroy most of the tax cuts and Kiwis won't be compensated for the GST rise.''
He accused the Government of "massively increasing borrowing'' to pay for the tax cuts.
"John Key calls his increase in GST and tax cut package a `tax switch' but for middle and low income earners it's a tax swindle,'' he said.
"It's not a plan for growth, It's a short term plan that is designed to take money from the many and give it to the few.''
