Grant Robertson says Labour's fiscal plan is credible and means the party will be able to spend the billions needed for its new policy pledges, if re-elected.
He added that "now is not the time for additional taxes" and promised Labour's policy promises could be paid for without creating uncertainty "in these volatile times".
The party's finance spokesperson unveiled his post-PREFU fiscal plan in Auckland this morning. The 12-page plan details how Labour expects to pay for policies, like GST-free fruit and vegetables and building 6000 more state homes.
"Labour's fiscal plan is responsible, balanced, costed and credible," Robertson said.
The independent consultancy Infometrics and its principal economist Brad Olsen have reviewed the party's plans, which suggested the party's costings are "reasonable".
Treasury's Pre-Election Economic and Fiscal Update suggested spending opportunities for future governments would be extremely tight over the next decade.
Today's new fiscal plan from Labour is effectively the party signalling the draft budget it'll push through if it's re-elected to another three years in power.
Robertson said: "It has been endorsed by an independent analysis from Infometrics, who have concluded that the new spending commitments Labour has made can be accommodated within the future spending allowances set aside in PREFU."
Labour's finance spokesperson added that part of his plan included "further savings and efficiencies across government" on top of what was found in the past year.
"To support meeting these fiscal rules, Labour's fiscal strategy will continue our responsible and balanced fiscal approach. We will drive further savings and efficiencies across government on top of the $8 billion we have found this year," he said.
"We will prioritise investment in essential public services that New Zealanders rely on and build a stronger and more resilient economy that delivers high-wage jobs and transitions to a low-carbon future."
Olsen wrote in his review: "Together, the level of funding available for remaining cost pressures appears reasonable compared to historical cost pressure needs — although we reiterate Treasury's PREFU message that 'significant trade-offs will be required.'"
Robertson added: "Labour will maintain income tax settings to provide consistency and certainty in these volatile times.
"Now is not the time for additional taxes or to promise billions of dollars in unfunded tax cuts which would add to inflation and take money away from health, education and housing.
"Our savings and revenue measures include the removal of depreciation for non-residential buildings. Our existing fiscal sustainability and effectiveness programme will lead to further opportunities for savings and repriorisations to ensure government spending is directed toward the areas and people who need it most."
Labour's finance spokesperson used the policy announcement to also go on the attack against National — which has seen substantial independent scrutiny of its tax plans.
"Our plan adds up and has been independently verified.
"National’s proposal fails to do this," Robertson said.
He added: "They need to front up and be honest with New Zealanders about their policies, which public services will be cut and how much more debt will be needed to prioritise tax cuts for the wealthiest and landlords."
National is also expected to release its fiscal plan this week.
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