An expanding capital gains tax across the ditch shows exactly what Kiwis would be in for under Chris Hipkins and Labour, National’s Finance spokesperson Nicola Willis says.

“Chris Hipkins promised at the last election that a government he leads wouldn’t implement a capital gains tax - but now he is campaigning on one.

“A capital gains tax would hit New Zealanders who have done the right thing and worked hard, saved carefully, invested for their future, bought a family bach or rental property, and built up their KiwiSaver.

“And Labour won’t stop there.

“In Australia, we’ve just seen the Labor Party break its promise not to expand its capital gains tax.

“Kiwis should be under no illusion - Chris Hipkins and Labour would do the exact same in New Zealand.

“Labour is addicted to spending and as the bills start to grow and the debt piles up, the capital gains tax they are promising will start rapidly expanding, particularly with their mates in the Greens and Te Pāti Māori pushing for it.

“Labour has form on this. After ruling out major tax changes before the 2020 election, they spent the very next year doubling the Bright Line Test from five years to ten and introducing the Ute Tax.

“One of New Zealand’s real competitive advantages over Australia is that we do not have a capital gains tax. That helps attract investment, encourages aspiration, rewards Kiwis who work hard and save, and makes New Zealand a more attractive place to build a future.

“National believes in building a stronger economy by encouraging hard work and ambition. Labour’s only solution is to reach deeper and deeper into Kiwis pockets and punish them for aspiration.”

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