Decision 2023: National to reveal how it will pay for tax cuts before pre-election fiscal update, Nicola Willis says

National Finance spokesperson Nicola Willis says the party will reveal how it will pay for its tax cuts plan ahead of September's pre-election economic and fiscal update.

The party has repeatedly been forced to defend its tax policy and analysis by the Council of Trade Unions, released last month, found the cost of National's proposed changes had blown out by $1.5 billion to a total of $8.2b over four years. 

Craig Renney, the trade union's chief economist, said the scale of National's tax cuts was "about the same cost as cutting the entire annual police budget. We're not talking about spare change that can be made up by cutting a few consultants".

Willis, also the National Party's deputy leader, said she was "very much looking forward to" unveiling the fully-costed plan ahead of the pre-election fiscal update.

"That plan will set out not only how we're going to phase in our tax commitments, it will [also] set out what exact items we're not going to be wasting New Zealanders' money on so that we can allow them to keep more of their own money," she told Newshub Nation on Saturday.

She and leader Christopher Luxon wouldn't unveil the full policy at the National Party's annual conference in a fortnight.

Nonetheless, Willis said the conference would be "very positive" and "policy-focused".

Nicola Willis.
Nicola Willis. Photo credit: Newshub.

"It's going to be about solutions to New Zealanders' problems," she said.

"Labour's conference was all about National - we're going to make our conference all about New Zealand."

Labour released its first election policy - keeping the retirement age at 65 - at its conference last month. In doing so, the party attacked National and ACT - claiming New Zealanders could miss out on up to $100,000 under a right-bloc Government due to National's policy of raising the superannuation age to 67 and ACT's plan to scrap KiwiSaver subsidies at $65,000. 

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