# Labour's fiscal plan: National's claims

> National claims Labour's fiscal plan is fraudulent with $11bn cost gaps.
- Title: Labour's fiscal plan: National's claims · RNZ | Shortify
- Summary: National claims Labour's fiscal plan is fraudulent with $11bn cost gaps. National says Labour's fiscal plan lacks $11bn for pay equity, fuel tax and health…
- Keywords: labour, national, pay equity, fuel tax, public transport, health costs, fiscal plan, fiscal hole, politics, news, Labour's, fiscal
- Source: RNZ — https://rnz.co.nz/news/politics_election-2026/1733687/labour-s-fiscal-plan-national-s-claims-and-how-labour-is-defending-it
- Author: RNZ | Te Reo Irirangi o Aotearoa
- Published: 2026-10-04T18:18:17+00:00
- Read time: 1 min
- Topics: labour, national, pay equity, fuel tax, public transport, health costs, fiscal plan, fiscal hole, politics, news
## National attacks Labour's fiscal plan
National finance spokesperson Nicola Willis labels Labour's fiscal plan fraudulent, claiming former Labour finance ministers would be ashamed and disappointed.

> National's Nicola Willis is on the attack over Labour's fiscal plan, labelling it fraudulent, and claiming some former Labour finance ministers would be ashamed and disappointed.
## Pay equity cost gap
Labour's plan lacks specific cost for restoring pay equity scheme, with National claiming $11bn needed versus Labour's $10.5bn unallocated funding.

> National says Treasury estimated restoring the scheme would cost $11 billion, leaving Labour $8.5b short.
## Fuel tax and transport cap
Labour excludes fuel tax freeze and public transport fare cap from fiscal plan, claiming they'll be paid from National Land Transport Fund.

> Willis says Labour has not included the cost of freezing fuel tax and road-user charges for three years, which she puts at $3.1b, nor its public transport fare-cap policy, which Labour previously indicated would cost $260 million.
## Future Fund dividends
Labour plans Future Fund with state-owned asset dividends but National claims $2.8bn loss from excluded companies.

> Willis argues Labour should have accounted for a $2.8b loss of dividends from companies included in the Future Fund, because that money would otherwise be invested into government services.
## Health cost pressures
Labour increases health funding for cost pressures but National claims $1.5bn unfunded, with Labour guaranteeing graduate nurse jobs at $526m.

> Willis says that means it has left $1.5b unfunded.
## Economist on fiscal holes
Independent economist Cameron Bagrie says all parties have fiscal holes with complicated trade-offs, urging voters to choose between healthcare and tax.

> What do you want? Do you want a well-functioning healthcare system and education system, and what are you prepared to pay in regard to tax for that on the other side, because there's no free lunch.
## Fiscal hole debate
Labour and National agree on surplus by 2028/29 but disagree on funding gaps, with Bagrie warning of potholes in 2028.

> Here we go again, we're going to go through a big debate about fiscal holes
## What happens next
Voters face trade-offs between healthcare, education and tax in 2028 as fiscal holes become reality.

> Bagrie warned that they would create literal holes - potholes - on crumbling roads up and down the country.
## Key takeaway

National says Labour's fiscal plan lacks $11bn for pay equity, fuel tax and health costs, but Labour insists it has $10.5bn unallocated funding.