New Zealand is in for a rocky 2016 following the global tumble in stock markets, warns the Labour Party.
The benchmark NZX 50 index opened down 58 points, or nearly one percent, this morning with only 10 stocks not falling.
Markets around the world continue to be rattled by plunging oil prices, and persistent fears about the outlook for the Chinese economy.
The government's monetary policy was "outdated" and not fit to handle significant changes in the economy, said Labour's finance spokesperson, Grant Robertson.
Mr Robertson said the markets might recover but the government could not be complacent about such a big drop in confidence.
"Where the government, I think, has gone wrong is that they have failed to read the signs that this was coming, failed to invest in the diversification of our economy.
"We need to be selling a greater range of products to a greater range of markets," he said.
Mr Robertson said the markets might recover but New Zealand could not afford to be complacent.