The Labour Party says it will take a more hands-on-approach to managing the economy than National, but it will not go into the next election promising to tax and spend.
Labour's leader Phil Goff gave his last major speech of the year to a business audience in Auckland on Monday afternoon.
Mr Goff says the economic recovery has stalled, and National believes in sitting out the tough times rather than active economic management.
He says Labour would use the power of government to help families, grow the economy and create better jobs.
Mr Goff says its policy will include reforming the Reserve Bank to help exporters, paying off debt faster and increasing savings.
Beyond me, says Key
Prime Minister John Key says Labour's plans simply do not add up.
Mr Key says it is beyond him how Labour intends to restore payments into the super fund, remove GST from fresh fruit and vegetable and cut taxes to middle income families.
He says from his calculations Labour is already minus more than $2 billion before it even starts to pay back debt faster.
Mr Key says Mr Goff's speech contained a lot of promises, but little policy.