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English reveals Budget day: May 15

Finance Minister Bill English has revealed the date he will deliver the National-led government's sixth Budget: May 15.

The state-of-the-nation speech season has already seen Prime Minister John Key commit to one new election-year spending commitment: a $150 million a year programme to create an "elite teacher strikeforce".

Labour leader David Cunliffe used his first major address of 2014 to launch a baby bonus policy, which he estimates will cost $173 million a year by 2020.