The Prime Minister is being praised for a "business friendly" pre-budget speech.

Chris Hipkins says the Government will deliver a no-frills Budget, balancing restraint with funding the basics on May 18.

He's ruled out introducing a capital gains or wealth tax, and bringing in a cyclone levy to fund the recovery.

Auckland Business Chamber chief executive Simon Bridges says it provides certainty.

"If he had sort of left that door around tax open, there's a very real danger he would have killed the mood amongst businesses and amongst households at a time when we've got to try and desperately lift the mood."

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