New Zealand Labour Party Promises 2029/30 Surplus and Reserve Bank Dual Mandate

New Zealand's opposition Labour Party released its election fiscal strategy in Wellington, promising to return the Crown accounts to surplus by 2029/30 on the OBEGAL measure, which includes ACC. Leader Chris Hipkins and finance spokesperson Barbara Edmonds said Labour would reduce net debt to 20 percent of GDP over time and hold core Crown spending and revenue near 33 percent once its capital gains tax is fully implemented. The party would also restore the Reserve Bank's dual mandate on employment and price stability, return wellbeing reporting to the Public Finance Act, and create an independent Parliamentary Budget Office. Edmonds said detailed costings would follow the pre-election fiscal update.