Watch: 'Take from the needy to give to the greedy' – Winston Peters slams Bill English over National's tax cut stance

Deputy Prime Minister Winston Peters and leader of the National Party Bill English have clashed over the release of today's mini-budget during question time in Parliament.

Mr English asked Mr Peters how he could feel optimistic about the budget, after predicting economic doom for the country during the election race.

"Has the Prime Minister asked the Deputy Prime Minister if he believes these forecasts, due to his past statements that the economy is heading for a downturn, if not a crash?"

Mr Peters gave a spirited response, drawing loud guffaws from those gathered in the House.

"Yes it was a cause to be careful about into the future, not to spray money around on consumerism and on giving tax breaks to your mates.

"And in short not to take from the needy to give to the greedy," he said.

The PM says around 380,000 families will receive over $70 a week more to help raise their kids. Source: 1 NEWS

Earlier today Prime Minister Jacinda Ardern also referenced National's proposed tax cuts, which have been scrapped by the new Government to help pay for policies in the new budget.

Ms Ardern said cancelling tax cuts on top earners like herself will help to raise around 88,000 children out of poverty.