After twiddling their thumbs for two years since getting the boot from voters, Labour have finally coughed up a policy, such as it is. Chris Hipkins and his crew announced their so-called “New Zealand Future Fund” this week, pitching it as some grand vision to invest in Kiwi infrastructure and businesses. Sounds fancy, does it not? But hold on a minute – this is nothing but a blatant copy of New Zealand First’s own policy from a year ago.
Winston Peters is fuming and rightly so. He took to X to blast Hipkins as “Chris ‘Temu’ Hipkins” for this cheap, mail-order rip-off. Peters pointed out that NZ First announced their version of a “NZ Future Fund” 12 months back, complete with details on building a $100 billion pot modelled on successes in Singapore and Ireland. Hipkins, when asked about it, claimed he did not know. Yeah, right. As Peters said, there is clearly a lot he does not know, including how to come up with an original idea. Imitation might be flattery, but this is just pathetic.
Look at what Labour are actually proposing. According to reports from RNZ and Stuff, this fund would be seeded with some unnamed Crown assets, presumably from state-owned enterprises and mixed-ownership companies, plus a measly $200 million one-off injection from the government. Dividends from these assets would be ring-fenced and reinvested in New Zealand’s infrastructure, businesses and startups. They talk big about creating jobs, boosting productivity and keeping wealth here instead of letting it leak offshore. Hipkins even dismissed NZ First’s policy as different because theirs allows overseas investors and focuses on infrastructure via a National Infrastructure Agency. But, come on, the name is identical, and the core idea is the same: take revenue from public assets and plough it into growth.
Here is the rub, though. This elegant-sounding scheme of taking revenue from state-owned enterprises and investing it in infrastructure and Kiwi business costs exactly the same as funding it straight from the consolidated fund because that is precisely what it is. It is not some magical new pot of gold: it is just shuffling money around. Basically, this is a spending announcement dressed up as a savings plan, cleverly disguised by skipping the details on how much, on what or for what purpose. No costings, no specifics... just 12 pages of fluff with nice pictures, as National’s Chris Bishop nailed it on X.
Bishop gets it spot on. He called out Labour’s effort as a total joke after two years of supposed work on economic policy. They created the mess our coalition Government is busting a gut to fix, and now they serve up this vague nonsense. No plan, no numbers: nothing but hot air.
And don’t forget Labour’s track record. In their last stint in power, they could not run a bath without turning it into a disaster. Billions blown on failed projects, endless reviews that went nowhere and an economy left in tatters. What makes anyone think this ‘Future Fund’ would be any different? It would be a clusterfuck from go to woe, with taxpayers’ money vanishing into pet projects and bureaucratic black holes. Hipkins talks about partnerships with business, iwi, unions and communities, but we all know that means more red tape and favours for mates.
To top it off, Stuff reports that Labour want to fund this through a new wealth tax on anyone with assets over five million dollars, at one to two per cent a year, plus closing loopholes on multinationals and slapping a capital gains tax on property. They compare it to Norway’s oil fund or Singapore’s Temasek, but those succeeded because of smart management, not punitive taxes that chase away investors. National critics are bang on: this could drive wealth offshore and hammer growth. It is not nation-building: it is envy politics wrapped in a sovereign wealth bow.
Voters are not stupid. They kicked Labour out for good reason and this Temu knock-off policy will not bring them back. If Hipkins thinks copying Winston Peters is the path to victory in 2026, he is dreaming. Peters called it ridiculous and Bishop called it a joke. They are both right. Labour need to go back to the drawing board, or better yet, stay in opposition where they belong.
