National is promising to maintain fiscal rules that would see it prioritise a return to surplus in 2028/29, bend debt down to below 40% of Gross Domestic Product (GDP) and pull core Crown expenditure down to 30% of GDP.These rules, which National confirmed its commitment to today, reflect what the Government is already targeting in its fiscal strategy.It appears National with this morning’s announcement is attempting to force Labour to commit to similar rules, with finance spokeswoman Nicola Willis saying, “the only way to be ready for the next crisis is to get our books in order now, while conditions allow it”.“The challenge that should be put to Labour is whether it will commit to the same Budget Responsibility Rules that National is committing to – and if not, why not?” Willis said.“These rules are about more than just preparing for the next crisis. They’re also about building a stronger economy where New Zealanders have more jobs and opportunities, and wages rise faster than prices so that life is more affordable.”According to the Budget Economic and Fiscal Update (BEFU) unveiled in May, the Government is already on track to achieve a surplus by 2028/29 when using its new metric of OBEGALx - operating balance before gains and losses excluding ACC.Net core Crown debt is expected to peak at 46.1% of GDP in the 2027/28 year, before then slowly declining. In the outer year of the BEFU forecasts, it is predicted to be 44.4%.In terms of core Crown expenses, BEFU showed it falling to 30.3% of GDP in the outer year.Labour meanwhile unveiled additional small business policies this morning.They include setting a target to have 15% of Government contracts going to small businesses as well as breaking up big contracts into smaller jobs “where it makes sense”.The party will look at how information can be shared between agencies so businesses don’t have to share the same information multiple times. It will task Inland Revenue with reviewing provisional tax and filing requirements to ensure “the system works for small businesses”.Labour also plans to require ministers and agencies to consider what new regulations, procurement rules and other policies may mean specifically for small businesses before they are approved.“While Christopher Luxon insults small businesses and asks, ‘who cares what the Government thinks’, we’re listening to small businesses and making government work better for them,” Labour’s finance spokeswoman Barbara Edmonds said.The party earlier in the week already announced several business policies, including increasing the asset write-off threshold from $1000 to $10,000, something that will come at the cost of the Government’s Investment Boost.That follows Luxon telling businesses at a Rotorua event last week that they were taking a “negative view” of economic conditions and insisting businesses should act like adults.He later apologised for those comments, admitting they “didn’t properly acknowledge the challenges that many small business owners are facing” and that he was willing to “cop it” and “own it”.Jamie Ensor is the NZ Herald’s chief political reporter, based in the press gallery at Parliament. He was previously a TV reporter and digital producer in the Newshub press gallery office. He was a finalist in 2025 for Political Journalist of the Year at the Voyager Media Awards.