Labour's Future Fund and economic policy

The story so far

Labour leader Chris Hipkins defended the lack of costings, while Prime Minister Christopher Luxon criticised the plan and said asset sales are not being considered for a second National-led term.^{21 Oct 2025} Labour has proposed a capital gains tax of 28% on commercial and residential property profits, excluding farms and family homes, to fund free GP visits.^{28 Oct 2025} Finance Minister Nicola Willis called the proposed capital gains tax a "terrible idea" that would tax business.^{28 Oct 2025}

Latest

Finance Minister Nicola Willis has criticised Labour's proposed capital gains tax, calling it a "terrible idea".^{28 Oct 2025}

What's next

Labour plans to campaign on its 28% property profits tax to fund free GP visits.^{28 Oct 2025}

Key moments

1. 20 Oct 2025Labour unveils Future Fund, its first major election policy, without costings
2. 21 Oct 2025Hipkins defends absence of costings; Luxon criticises the plan
3. 21 Oct 2025Luxon says asset sales not being considered for a second National term
4. 28 Oct 2025Labour proposes 28% tax on commercial and residential property profits
5. 28 Oct 2025Willis calls the proposed capital gains tax a "terrible idea"

Written from the stories below; each sentence links to its sources.