There won't be any tax cuts in this year's Budget.
Prime Minister John Key made that clear after delivering the Government's first pre-Budget speech in Wellington on Wednesday.
"There's no personal tax reform in the Budget," he told reporters.
Asked if that meant no tax cuts, he replied: "Yes."
The Government has always said tax cuts could be on the agenda next year if there's enough fiscal room.
That's considered to be the most likely scenario, because 2017 is election year.
Finance Minister Bill English will present the budget on May 26.