Pitched as a promise to "put affordability at the heart of all decisions," this is Labour's central 2026 election-year framing — a cost-of-living platform branded "A Future Made in New Zealand," anchored by three free doctor's visits and cheaper power.

The Policy: Labour Cost-of-Living Platform — February 2026 →

What it does:

• Makes the cost of living the organising theme of Labour's campaign, unveiled by leader Chris Hipkins in his State of the Nation address to the Auckland Business Chamber on 23 February 2026, distilled to three priorities: "Jobs. Health. Homes."
• Its flagship deliverable is three free GP or nurse visits a year for every New Zealander via a new "Medicard", which Labour says would free up to 4.5 million appointments annually. Health spokesperson Ayesha Verrall argues "one in six New Zealanders cannot afford to visit their doctor when they are sick."
• The health package is costed at about $550 million and funded by a new 28% capital gains tax on investment and commercial property profits, taking effect from 1 July 2027 and applying only to gains made after that date. Labour says the family home, farms, KiwiSaver, shares and business assets are exempt, and that "nine out of 10 New Zealanders won't pay tax on the property they own."
• On energy, Hipkins opposes a planned gas import terminal and wants more renewables, citing power costs; Stats NZ records electricity rising 2.6% in the March 2026 quarter, making up 7.5% of spending for the lowest-spending households versus 4.1% for the average.
• The backdrop is real pressure: household living costs rose 2.1% in the year to the March 2026 quarter, with headline CPI inflation already at 3.1% and petrol spending up about 22% since February.

The result: This is an unlegislated opposition pledge, so its feasibility turns on the contested tax and on the health workforce — not just funding. Supporters Hipkins and Verrall say the policy is funded dollar-for-dollar by the capital gains tax and that affordability, not capacity, is the binding constraint for many patients. Critics dispute both halves. Independent economist Brad Olsen of Infometrics questioned the tax's narrow design, saying that if it is not broad-based "it does sort of beg the question why we're bothering," and flagged thin costings. On delivery, Rural Health Network chair Dr Fiona Bolden warned free visits won't help "in areas where there are no doctors," and Health Minister Simeon Brown argued promising free visits "does not address the core issue if there are not enough doctors." National's Nicola Willis dismissed the speech as a "lump of jelly" short on accountability for spending and tax, while ACT's David Seymour likened Hipkins's delivery to an "anesthetist." A neutrality note: the capital gains tax is genuinely contested policy — figures and positions here are attributed to the people who hold them, not endorsed.

The impacts to watch:

• Whether the 28% capital gains tax raises enough, on time, to fund $550m of free visits — and how property investors respond ahead of the July 2027 start.
• Whether "free doctor's visits" in practice often means a nurse practitioner, given GP shortages; Verrall has said the mix "would depend on the make-up of individual clinics."
• Whether energy promises translate into lower household bills, with power and gas prices both still climbing.
• Whether keeping detail vague until Budget season helps Labour project fiscal restraint or hands opponents a "no plan" attack line.