Photo: RNZ / Marika Khabazi
Labour leader Chris Hipkins has hit back at criticisms of the thin detail in his Future Fund policy, insisting the party will show how it will pay for it in a full fiscal plan before the election.
Speaking on Tuesday, he admitted it was an "oversight" to leave a key number out of the documentation but suggested reporters were "lazy" to expect it to be delivered to them in advance of the announcement.
The defence comes as Prime Minister Christopher Luxon delivered a withering assessment of the policy, labelling it an "absolute bunch of drivel" and "commercially illiterate".
Heading into a caucus meeting at Parliament, Luxon said Labour had failed to explain how it would replace the $600-$800 million a year in dividends which would be diverted away from areas like health and education.
"Are we now taking on more debt? Does that mean the deficit gets blown out? What does that mean for credit ratings and interest rates that we now pay the world?"
Luxon said Labour's claims of market sensitivity were a smokescreen: "I know about commercial sensitivity, and I can tell you there's nothing in their proposal that's commercially sensitive," he told reporters.
"If I had dished up that level of detail with no costings, you would have crucified us. Honestly, guys, come on. There's just so much questions, guys, that you should be asking, and feel free to do it. That's your job."
Labour's proposed wealth fund, announced on Monday, would be seeded with the dividends of selected state-owned assets and a $200m Crown capital injection, mandated to invest only in New Zealand businesses and infrastructure.
Christopher Luxon. Photo: MARIKA KHABAZI / RNZ
'Don't be so lazy' - Hipkins
Fronting to reporters on Tuesday morning, Hipkins refused to answer the questions proposed by Luxon, except to say that the size of the fund would be "significant".
He said Labour would set out its full fiscal plan before the election showing how all its promises would add up.
"If [Luxon] wants to announce next year's Budget right now, then I'm happy to match that."
Hipkins said no opposition party could be expected to show all their workings before getting a full picture of the government's finances.
"When the National Party set out their tax cut plan... around about this point in the electoral cycle, they also didn't know how they were going to pay for it."
He said Labour had taken the position not to name the companies involved as there could be "a shareholder impact".
"Look, I've been around politics a wee while. I remember the controversy that John Key got himself into when he was questioning at select committee issues around Tranz Rail, which at the time he owned shares in.
"I don't want to get into that territory where you're talking about potentially influencing the share price of public companies whilst you're in the opposition."
Hipkins bristled at questions over why neither the policy document, nor accompanying media release, included any figures - including the $200m capital injection later announced by finance spokesperson Barbara Edmonds.
"It was certainly in earlier materials. So I think it was just simply an oversight that it wasn't contained in the press statement.
"As you would have seen, Barbara mentioned it in her introductory remarks, so it was clearly part of the announcement we made on Monday."
Pressed over how that occurred, Hipkins suggested reporters were overreacting: "Oh, don't be so lazy. We're not gonna provide everything to you in advance, and have you not bother to show up to the announcement."
Hipkins said he welcomed the "very positive response" from Infrastructure NZ and independent economists who had suggested the proposal had potential.
What about asset sales?
Labour has also designed the policy to prevent the future sale of the Crown assets brought into the new fund.
Asked repeatedly whether he would rule out asset sales during his next term, Luxon would only say that he was not considering that.
"I've been consistent with you. I've said to you: it's not something we're considering. We're focusing on growing the economy."
Hipkins told reporters Luxon's statement was "simply not true" and accused him of trying to side-step the question.
"Chris Bishop, Nicola Willis, previously, are on public record of having sought advice on the sorts of things that the government could be selling off.
"This is all National's got left. They have no plan to grow the economy. All they're left doing is trying to figure out how to sell off what remaining assets we have left."
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