Governing parties have been quick to condemn Labour's proposed capital gains tax policy. 

The opposition announced the policy for next year's election campaign, targeting commercial and investment properties, but not family homes. 

It would funnel the revenue into health.

Finance Minister Nicola Willis has been quick to label this scheme as 'half-baked' - and it'll likely drive the country further into debt.

"I'm just pleased that New Zealand today can see Labour's alternative for what it is. It's a Labour-Te Pāti Māori-Greens Government that will tax you more, drive the country further into debt and put the economy at risk."

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