Finance Minister Grant Robertson is announcing the government's Budget 2022 at 2pm.

It has already signalled climate change and the health reforms as the two big-ticket and time-sensitive items.

Watch the livestream above to hear Robertson deliver the Budget in parliament.

"This year's budget will include a focus on the government's heath reforms and investing to meet our climate change goals," says Robertson.

"New Zealand went into Covid-19 with a number of long-standing issues that needed to be addressed, regardless of the global pandemic.

"It would be irresponsible to acknowledge that our health system needs improvement, based on the lessons from Covid, but then not doing anything about it.

"Just as it would be equally reckless to just say ‘let's forget about climate change for a year or two'. These are investments that we need to make as a country. We can't afford not to make them,.

"As I announced at the release of the Budget Policy Statement in December, Budget 2022 includes a one-off increase to the operating allowance to invest in major programmes, including the health reforms. This increase is to ensure we can move ahead with these programmes that will have long-term benefits for New Zealand."

With an international backdrop of the economic risk posed by Russia's invasion of Ukraine and the potential emergence of further Covid-19 variants, the government is also under pressure to address the day-to-day concerns of many New Zealanders.

A focus on tackling the increasing costs of living - the price of essentials like food, fuel and accommodation are all on the rise - is expected.