Election 2026: What Do the Parties' Fiscal Plans Mean for Business?
Businesses tell us they want policy settings that build confidence, support long-term planning and encourage investment in growing the economy. That means making it easier to start, grow and invest in a business, while backing the people and industries that will drive future growth.
With three weeks until election day, and advance voting open from 26 October, most parties have now released a fiscal plan or tax package. Labour and National have landed in a similar place, with a $2.4 billion operating allowance and a return to surplus in 2028/29. The real differences for business lie in the tax mix, investment incentives and how fully each plan is costed.
Below, we've set out where each party stands, based on the plans and announcements released so far.
National: No New Taxes, No Tax Cuts Yet
National's fiscal plan holds tax settings where they are, with relief to be considered only once the books are back in surplus. It finds about $1 billion in savings, directs $15.4 billion to health and keeps Investment Boost. National has also proposed compulsory KiwiSaver from July 2028, lifting employer and employee contributions to 6% each by 2032.
Labour: A Capital Gains Tax and a Reset of Business Incentives
Labour's fiscal plan raises about $11 billion in new revenue, mainly by repealing Investment Boost ($7.7 billion) and introducing a 28% capital gains tax on residential investment and commercial property ($2.8 billion). The tax would reach commercial property a business owns or uses. Part of the proceeds fund its Small Business Action Plan, including a $10,000 asset write-off and an $80,000 GST threshold. The plan does not include a cost for pay equity settlements.
ACT: An Earlier Surplus Through Spending Cuts
ACT's fiscal plan targets a surplus a year ahead of Treasury's forecast and $12.4 billion less debt by 2031, backed by about $9.9 billion of cuts. It has no broad-based tax cuts but proposes removing tax on KiwiSaver earnings and sets aside funding for targeted tax relief still to be announced.
New Zealand First: The 2026 Budget as Its Fiscal Plan
New Zealand First has confirmed it will not release a separate fiscal plan detailing how its election promises would be funded, with Winston Peters describing the 2026 Budget as the party's fiscal plan. Its proposals include buying the Bank of New Zealand, which could cost up to $15 billion. The party has also proposed reducing the company tax rate from 28% to 20% for businesses with turnover below $30 million.
Green Party: Changes to the Tax Mix, with More Tax on Wealth and Larger Companies and Lower Income Tax
The Greens' tax package would lift the company tax rate to 33% for firms with turnover above $30 million, introduce a 2.5% wealth tax above $10 million and tax large gifts and inheritances, while cutting income tax for most workers.
Te Pāti Māori: Changes to the Tax Mix, with More Tax on Wealth, Companies and Offshore Profits and Lower Income Tax
Te Pāti Māori's tax policy proposes a 33% company tax rate for all firms, a wealth tax of 1.5% to 2.5% on net wealth above $2 million, a $30,000 tax-free threshold and a 5% tax on profits sent offshore.
The Opportunity Party: A Land Tax and Citizen's Income
Opportunity's Tax Reset proposes a land value tax of 1.75% on urban and 0.5% on rural land, alongside a Citizen's Income of $19,400 a year. Its Breakthrough Economy package adds a technology-adoption tax credit and wider access to the R&D tax incentive.
What This Means for Business
It is encouraging to see the books and the tax mix front and centre this election.
The plans differ most on four things members will care about: whether Investment Boost stays, how property and wealth are taxed, where the company tax rate lands (20%, 28% or 33% depending on the party), and whether higher KiwiSaver contributions add to payroll costs.
We frequently hear from businesses that what they really want is certainty and policy settings that support long-term planning. That includes stable tax settings, as frequent changes make it harder for businesses to plan and invest. For us, the test will be whether each plan gives businesses the confidence to invest, employ, lift productivity and grow.
Figures are the parties' own as available with links included directly to the policies on their website. Where a party has not published a full fiscal plan, we have drawn on its tax announcements.
