Finance Minister Bill English says the Government can't afford to make standalone tax cuts for the foreseeable future.
The state of the Government's books was revealed on Thursday. Excluding unrealised investment gains and losses, the budget deficit was $6.3 billion in the year to the end of June.
The Government spent $64 billion during the year, the same as last year, but income from taxation fell by $4 billion to just under $51 billion.
M r English says the most recent tax package, which involved raising GST to 15% and cutting income tax, was fiscally neutral.
He told Nine to Noon the Government cannot commit to further cuts at the moment.