Finance Minister says there may be spending cuts

New Finance Minister Grant Robertson says he may have to axe some spending programmes introduced by National, in order to fund his Government's ambitious plans.

In his first major speech to a business audience in Auckland on Friday, Mr Robertson revealed the Government's current plans to raise revenue won't be enough to deliver on its promises.

Mr Robertson said he'd be looking for funding programmes that are good value for money.

"I have directed all Ministers to assess their budgets against the new Government's priorities," he said.

"If programmes are found that do not match these priorities, then Ministers should consider whether this funding could be reinvested in new, higher priority areas."

The Finance Minister says the review will be a two-year process.

Newshub.