Labour Promises Surplus by 2029/30, Restores Reserve Bank Mandate

Labour's fiscal strategy promises to return New Zealand to surplus by 2029/30, using the original OBEGAL measure that includes ACC deficits. This forecast is in line with this year's Budget under the same measure, which predicts a surplus for that year. Labour criticizes the current government for high unemployment levels and argues that restoring the Reserve Bank's dual mandate will help address this issue.

The party plans to maintain core Crown expenses at around 33% of GDP once its capital gains tax is fully implemented. It also aims to reduce net debt down to 20% of GDP 'over time'. Labour would restore the dual mandate for monetary policy, which was removed by the current government, and bring back wellbeing reporting.

Labour leader Chris Hipkins said that National came in promising to fix the economy but instead unemployment is up and businesses are struggling. He claimed that Labour will get the books back into shape without making life harder for New Zealanders or cutting essential services.