Wellington, Feb 9 NZPA - An increase in GST, across-the-board tax cuts and getting more tax out of property investors were signalled by Prime Minister John Key today.

In his opening statement to Parliament Mr Key ruled out land and capital gains taxes, but said he was increasing GST to 15 percent to fund personal income tax cuts.

The GST increase would raise about $2 billion to fund the cuts and increases to benefits and superannuation.

There will also be changes to the way property is taxed that will lead to an increase in Government revenue.

(2nd night lead to follow)