Watch live: National's Nicola Willis speaks to media about economy, fiscal strategy

17 minutes ago

National's finance spokesperson Nicola Willis is calling out Labour for what she says is a $18.2 billion gap in their spending.

At a press conference Willis called on Labour leader Chris Hipkins and the party's senior MPs to explain the gap between its spending plans and revenue intentions.

It comes as Labour announced it will cap public transport fares at $20 a week in main centres and $10 everywhere else if elected.

Willis criticised the move saying it was "yet another dubiously-costed policy".

"There is no magic money tree that can be plucked to pay for Labour's election promises. The government's books are in deficit."

Finance Minister Nicola Willis. (File photo)

Photo: RNZ / Louis Dunham

"What you'll see is that even under conservative assumptions there is an $18.2 billion gap between Labour's spending plans and its capital gains tax.

"This is Labour's $18 billion hidden bill for New Zealanders."

Willis said the economy was growing again, and unemployment and debt were forecast to fall.

She said these "gains" had required a "disciplined approach" across budgets and Labour's recent announcements showed they were not "fit for that task".

"Labour claimed this week that its proposal to cap public transport fares at $20 a week would save people an average of $1,200 a year for a total cost of $65 million a year."

"Well, as has been pointed out by some of your colleagues, that simply cannot be true. I am happy to give Mr Utikere a calculator to work this out. If he requires one, I'll send it over."

Labour has been approached by RNZ for comment.

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