National unveils four-year fiscal plan with expanded health funding and debt reduction focus

National’s new fiscal plan mirrors the Treasury’s pre-election Economic and Fiscal Update, preserving three years of health cost-pressure funding and introducing a fourth year, which pushes its health allocation above Labour’s $13.02 billion. Health accounts for 88 % of the party’s spending commitments, reflecting an ageing population. The party keeps $10.4 billion of operating headroom, although Labour projects only $1.9 billion remaining after earmarking $8.5 billion for pay-equity settlements.

Finance spokeswoman Nicola Willis emphasized debt reduction, lower inflation and interest rates, and a stronger buffer for natural disasters or global shocks. The plan does not include tax cuts for the next four years but hints at possible relief once a surplus is achieved. Overall, the budget prioritises fiscal prudence while maintaining health investment.