Wellington

NEW Zealand on Thursday unveiled a tax-cutting election-year budget that the ruling National Party said will help families as it looks to win a record fourth consecutive term in power.

Finance Minister Steven Joyce said about 1.3 million families would benefit by an average of NZ$26 (S$25.30) a week, with adjustments to the tax thresholds making couples on a medium wage more than NZ$40 a week better off. "Our economy is performing well and that's a tribute to the hard work of New Zealanders," Mr Joyce said, while Prime Minister Bill English said the budget "shares the benefits of growth".