The news last week that Labour has not costed its election promises and then, when they did, they came up with a $400 million mistake and at least $12 billion in extra borrowing is why they cannot be given control of the Treasury.

The $12 billion extra is without capital and operating spending, which is where it gets really interesting.

Labour has stripped back a number of their policy commitments, and omitted others.  For example, there is nothing identified for inflation-adjusting university funding, funding for policies like youth unemployment, and pay parity for aged care workers has been scaled right back.

So either they’re already reneging on policies, or they haven’t costed  those either.

Labour has confirmed they have no credibility on economic policy by proposing  a multi-billion dollar debt hole for Kiwis  that Greece would be proud of.