Labour Party leader Jacinda Ardern has talked up her party's U-turn on their tax plans today, announcing they won't implement any new form of capital gains tax until after the 2020 election, if elected.
Finance spokesperson Grant Robertson announced this morning that the party won't implement any new form of capital gains tax until after the 2020 election, if elected.
Speaking in Greymouth today Ms Ardern responded to voter concerns over a lack of clarity around the party's tax plans.
"We have put clarity around one of the issues that there has been a lot of scare mongering around.
"And that is around our plans to continue to tackle the housing crisis, to have tax working group to undertake that work, because there is that urgency.
"We will not have any law enacted until the people of New Zealand in 2020 have a chance to vote.
"That is me balancing the need for urgency with that certainty that I know New Zealanders want to."
Ms Ardern had made a "captain's call" after taking the Labour leadership reigns, announcing she'd allow a tax working group to find the best capital gains solution to curb house soaring house prices before implementing it in their first term, if elected.
Speaking to media at Parliament this morning, Mr Robertson said that was no longer on the table.
"We have heard the call for New Zealanders' voices to be heard.
"We will involve the public at every stage of the Working Group, as well as Cabinet and Parliament's consideration of any changes that arise from it.
"We know it is important to get this right, so we will balance the need for certainty and urgency by ensuring that any potential changes will not come into effect until the 2021 tax year.
"This gives multiple opportunities for public input, and a general election before any new tax would come into effect.
"To avoid any doubt, no one will be affected by any tax changes arising from the outcomes of the Working Group until 2021. There will be no new taxes or levies introduced in our first term of government beyond those we have already announced."
The move follows Labour taking a hammering from National in the past week over the uncertainty of their plans.
National yesterday released another biting video titled "Let's tax this', taking aim at Labour's tax strategy.