Chris Hipkins says the Labour Party's 2026 tax policy could look quite different to the 2023 policy, Photo: RNZ / Marika Khabazi
A capital gains and wealth tax are back on the table for the Labour Party.
Earlier this year, leader Chris Hipkins ruled out introducing the policies, saying under a government he led there would be no wealth or capital gains tax after the election.
The decision frustrated some in Labour's caucus, with David Parker, who was Revenue Minister at the time, relinquishing the portfolio, claiming it was untenable for him to stay in the role.
Hipkins said Labour MPs had a brief discussion about tax during the caucus meeting this morning.
"I have also been clear with the caucus - we lost, therefore we start again, and that means everything comes back onto the table - and that includes a discussion around tax.
"In 2026, our tax policy could look quite different to our 2023 tax policy."
Hipkins said he was clear he was only setting Labour's tax policy for the next term of government, and any changes would only be after a mandate was sought, but Labour lost - so now everything was back on the table.
"We need to take stock, we need to go back, we need to refresh. I don't think that tax was the one issue that defined the outcome of this election, I think there were a range of issues."
Hipkins refused to say that his failure to rule out a wealth tax was a mistake.
But Labour needed time to reflect on the election result before announcing its policy priorities for the 2026 election campaign, he said.