Labour’s $18 billion hole

Nicola Willis’ gnomes have crunched the numbers on Labour policies to date. Now they haven’t actually released that many policies, but already the ones they have add up to $21.0b over the next four years. Their proposed CGT will bring in only $2.8b, which leave an $18 billion hole which they have to fund either through huge take hikes, or more borrowing.

Labour have responded complaining about their policies being put under scrutiny, but noticeably not disputing that the calculations are in any way wrong.

In both Australia and the UK, labour parties have got elected promising one things on taxes, and then quickly breaking their word and hiking taxes they promised not to. NZ will be no different.