Labour's Business Policy Sparks $5 Billion Tax Grab Concerns

New Zealand's National Party has criticized Labour's business policy for taking away $5 billion of support from Kiwi businesses, reducing it to just $1.56 billion.

National's Finance spokesperson Nicola Willis said that Labour is essentially conducting a 'tax grab' by cutting the Investment Boost from $6.6 billion to $1.56 billion.

The policy change would leave small business owners with less incentive to invest in equipment, such as utes and commercial coffee machines, which could genuinely transform their businesses.

Labour's proposed capital gains tax would also hit small businesses across New Zealand, adding another cost to them. The National Party claims that its plan to reduce the cost of doing business is working, with the economy growing, business and consumer confidence rising, job ads increasing, and exports booming.