The election has already come down to whether voters want Labour to spend money the country does not have on things we might need, or National's plans for financial restraint.
Labour has stolen a march on National in the first official week of campaigning, asking voters to believe it has ability to stave off the effects of a global financial crisis.
Voters are also being asked to trust Labour that it will not pull back on any of its spending promises in a December mini-budget, if it is elected.
Doubts are emerging about deposit guarantee scheme, but only at a higher level than ordinary voters, who will be pleased their bank deposits are being looked after by the Government.
Prime Minister Helen Clark and Finance Minister Michael Cullen have, since Labour's campaign launch on Sunday, rolled out some big-ticket spending items. In contrast, National is releasing overarching policy announcements but with little detail of funding.
National has committed to spending $300 million more on infrastructure next year.
Leader John Key did announce yesterday National would spend about $14 million a year on maternity care and bringing back Plunket Line. But the only number his leader's campaign launch speech contained on Sunday were dates.
The prospect of a mini-budget looms for December, if Labour retains control of the Treasury benches.
In that mini-budget, Labour would bring forward an additional economic stimulus package which would outline a plan to bring forward infrastructure spending.
Dr Cullen said yesterday special attention would be paid to rail and roading improvements, local government sewerage and water projects, afforestation for conservation purposes, retrofitting and upgrading the state housing stock and the school and early childhood centre building programme.
"Labour has begun work on an economic stimulus package which will be implemented if the projected impacts of the global economic downturn on the New Zealand economy remain as they appear to be at the moment."
While Labour is promising to spend millions of dollars in times of economic turmoil, some of it has already been costed in the 2008 budget.
Other items are on the horizon, but not costed. Those polices would be brought forward to help create jobs, Miss Clark says.
Dr Cullen yesterday promised that Labour would consult the Guardians of New Zealand Superannuation and KiwiSaver providers on what changes to current settings would most facilitate increased investment in New Zealand by their funds.
And he would issue long-term infrastructure bonds which had a tax-free inflation-index element.
National Party finance spokesman Bill English is still not returning calls to the Otago Daily Times but said in a statement Labour's promises were uncosted and unaccounted for.
"In the past few days, Labour has promised a very conservative $750 million on top of what was revealed in the pre-election opening of the books last week."
Miss Clark should reveal what affect her spending spree was having on the Crown accounts which already showed 10 years of future deficits.
"She is making promises she doesn't expect to be around to pay for. Helen Clark's currently having a party with taxpayer money. And if she is able to buy her way back into office, all New Zealanders will suffer the hangover, come December."
Dr Cullen promised that Labour would also move to adopt National's policy to keep superannuation at 66% of the average after-tax wage, Mr English said.
That was not costed and not in the Pre-Election Fiscal Update (Prefu), but it was costed in National's economic plan.
The election commitments Labour needed to own up to this week included. -
• The universal student allowance - $420 million.
• Otago Institute of Design - $12.5 million.
• The pay jolt for school support state - $32 million over four years.
•The cost of moving NZ superannuation to 66% - $250 million over the next four years.
Among promises last week. -
• Compensation for increased household power bills as a result of the emissions trading scheme - $180 million over 2009-2010 and 2010-2011.
• A fund for insulating houses - $1 billion over the next 15 years.
• Redevelopment of rail - funding from 2010 to 2013 is expected to total $920 million for rail transport upgrade and growth projects and $384 million for operating support.
• Schools Plus - costs anywhere between $134 million and $340 million from 2011 onwards.
• Building the Waterview Connection which the Government had said it was committed to - cost between $1.5 billion and $2 billion.
• The Canterbury Transport Project - $244 million over 10 years.
"Having known about the poor state of the books for months now, Labour is saying they won't be telling New Zealanders how any of their promises will be paid for until after the election. That is not good enough."
