Parties split on how to tax wealth, how fast to pay down debt and how much the government should spend.
New Zealand is one of the few developed countries without a general capital gains tax. Supporters say it would make the tax system fairer; opponents say it would hurt investment and be costly to administer.
ACT opposes a capital gains tax and called Labour's proposal divisive and growth-limiting. Source
The Greens have long backed a comprehensive capital gains tax; their 2026 plan instead uses a wealth tax covering shares and a 10-year bright-line test. Source
Labour proposes a 28% tax on gains from residential and commercial investment property from July 2027, but shares, farms and the family home are exempt. Source
National rules out a capital gains tax and has pledged no new taxes, calling Labour's plan a tax on business. Source
NZ First has consistently opposed a capital gains tax; Winston Peters described Labour's proposal as a mess. Source
Te Pāti Māori has campaigned for a capital gains tax in the past; its 2026 plan focuses on a wealth tax and property stamp duty instead. Source
Opportunity offers an annual land value tax as a simpler alternative to Labour's capital gains tax rather than taxing gains. Source
Government debt rose sharply during the pandemic. Parties disagree on how quickly to return to surplus and what should be cut or delayed to get there.
ACT's fiscal plan proposes about $10b in spending cuts, an earlier surplus and $12.4b less debt by 2031, deferring tax cuts until surplus. Source
The Greens would delay the return to surplus by a year to fund a larger operating allowance, mainly for health. Source
Labour matches the Government's 2028/29 surplus target but funds new spending on health, housing and wages with new revenue such as a capital gains tax. Source
National's fiscal rules target surplus by 2028/29, net debt below 40% of GDP and lower spending as a share of GDP, achieved through restraint rather than new taxes. Source
NZ First supported the coalition's restraint but has no published fiscal plan; Peters says borrowing matters less than what it is spent on. Source
UnconfirmedTe Pāti Māori's plan pairs about $16b of new spending with new taxes on wealth and property; debt reduction is not presented as a priority. Source
Opportunity says the Crown balance sheet can support up to $60b of extra borrowing over ten years to invest in infrastructure. Source
The top income tax rate is 39% on income over $180,000. A higher bracket would raise revenue from top earners; critics say it would encourage tax avoidance and drive talent offshore.
ACT wants to flatten income tax toward a 28% top rate, the opposite of a new higher rate. Source
The Greens propose a new 45% top rate on income over $160,000, alongside a tax-free first $10,000. Source
Labour proposes no income tax rate changes and Chris Hipkins has said Labour would not adopt the Greens' tax policies. Source
National has pledged no new taxes and wants to keep taxes low by restraining spending. Source
NZ First's tax proposals focus on cuts, such as a tax-free lowest bracket; it has not proposed higher top rates. Source
Te Pāti Māori proposes new top rates of 42% from $180,000 and 48% above $300,000, with the first $30,000 tax-free. Source
Opportunity's Tax Reset has three rates topping out at the existing 39%, applied from $200,000; no higher rate is proposed. Source