The National Assembly has approved next year's nearly 470 trillion won government budget.

The budget which passed in the early hours of Saturday is 469-point-57 trillion won, about 900 billion less than the government's original 470-point-five trillion won proposal.

Rival parties cut the budget on jobs and inter-Korean cooperation by five-point-two trillion won while raising the budget on social overhead capital by four-point-three trillion. 

The net reduction in spending on administrative affairs and social welfare was one-point-three trillion and one-point-two trillion won respectively.

Budget approval once again passed the legal deadline, this year by six days, making it the latest passage since 2014. 

One-hundred-68 lawmakers out of the total 212 attending voted for the bill while 29 objected and 15 abstained.