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AAP
Ben McKay

NZ Labour likens Luxon to Eddie Jones in fiscal fight

Chris Luxon has been likened to Wallabies coach Eddie Jones, a figure of ridicule in New Zealand. (Ben McKay/AAP PHOTOS)

New Zealand opposition leader Chris Luxon has been likened to flop Wallabies coach Eddie Jones as Labour looks to make hay on the opposition's alternative budget.

On Friday in Auckland, Mr Luxon unveiled the party's fiscal plan which provided costs for all of its policies ahead of the October 14 election.

National is promising to take an axe to what it calls Labour's "wasteful government spending", while also promising income tax relief for Kiwis, funded through four new taxes.

Opposition Finance Spokeswoman Nicola Willis has been unable to forecast a surplus any sooner than Labour, promising a $NZ2.9 billion ($A2.6 billion) surplus in 2027.

However, Ms Willis said National would deliver "a more disciplined approach to government spending" to deliver the tax cuts and pay down debt faster.

"Kiwis have had to tighten their belts through the cost-of-living crisis, so it is only fair that the Government does the same with smaller allowances for new spending in upcoming budgets," she said.

"The return of a National government means a return to responsible economic management, which will enable our economy to grow and get New Zealand back on track."

One of those new taxes - on foreign homebuyers - dominated the first fortnight of the campaign.

Labour and some legal experts have declared it unimplementable, while a huge majority of economists have declared National has been too optimistic with their revenue forecasts.

National stuck by its original costings in the fiscal plan.

After reviewing the books, Finance Minister Grant Robertson spotted a shortfall of $NZ2 billion ($A1.9 billion) in welfare spending between Labour's plan and National's.

"National have tried to make their numbers add up by cutting benefits ... this will push more children into poverty," he said.

"In a cost-of-living crisis it is morally wrong to put more kids in poverty to pay for the tax cuts of millionaires and property speculators."

Mr Luxon had pledged to release the plan before early voting started for the October 14 election, but missed his own deadline by two days.

Mr Robertson likened Mr Luxon to the Wallabies coach, a figure of ridicule in rugby-mad New Zealand.

"Christopher Luxon is showing a level of arrogance not seen in New Zealand politics for generations," he said.

"It's like Eddie Jones saying, 'I know rugby so I will win the World Cup''."

Mr Jones took a potshot at the Kiwi economy earlier in the year when he visited for the Bledisloe Cup.

"There's nothing better than winning in New Zealand because you're feeling the country sinking ... the whole economy goes down," he said.

While the Wallabies put up one of their more spirited recent showings under Mr Jones in that Test, leading 17-3 at half-time, they fell away to lose 23-20.

The welfare spending also drew in former Labour prime minister Helen Clark, who rarely participates in current-day politics.

"National Party confirms plans to cut social security benefits: indexing to cost of living rather than wages would see someone on jobseeker allowance $40 a week worse off by 2027, pays for tax cuts for others, deepens poverty and inequality," she posted on social media.

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