National's finance spokesperson, Nicola Willis, has launched a scathing attack on Labour's economic plans, accusing them of a $18.2 billion funding gap. In a press conference, Willis presented a document titled 'Labour's Hidden Bill', detailing the party's policy announcements and their associated costs. She argued that Labour's proposed spending of $21 billion over four years, coupled with their planned capital gains tax, falls short by $18.2 billion. Willis emphasized the absence of a 'magic money tree' to fund these promises, given the government's current deficit. She highlighted National's assumptions, such as reversing social housing rent changes, which could cost $542 million, despite Labour's lack of commitment. Willis challenged Labour to clarify their stance, suggesting that Hipkins' previous comments indicate a potential reversal of these changes. She also criticized Labour's public transport fare cap policy, questioning its cost-effectiveness and suggesting it may be 'dubiously-costed'. Willis argued that the economy is recovering, and unemployment and debt are expected to decrease, making Labour's recent announcements concerning. National plans to release its fiscal plan in the coming months, with Willis emphasizing transparency and real-time updates. In response, Labour's finance spokesperson, Barbara Edmonds, labeled National's attack as 'desperate', attributing it to their concerns about their own plans. Edmonds questioned National's ability to fund major projects like the Roads of National Significance and highlighted the increase in debt, attributing it to National's choices. She defended Labour's transparency, noting their intention to introduce a capital gains tax and release a fully costed fiscal plan. The debate underscores the challenges of funding ambitious policies, with both parties emphasizing their commitment to fiscal responsibility and transparency.
