Andrew Little speaks to reporters after making a pre -budget address to the Wellington Chamber of Commerce.

The Government has been recklessly complacent in failing its own test of getting to surplus, while squandering opportunities to improve the lives of New Zealanders, Labour leader Andrew Little says.

Little gave a pre-Budget speech on Wednesday, coinciding with his six-month anniversary of leading the Labour Party this month.

He said the current Government had enjoyed the same level of growth as the previous Labour Government but had delivered seven deficits compared to nine surpluses under Helen Clark.

Labour Leader Andrew Little delivers his pre-Budget speech to the Wellington Chamber of Commerce on Wednesday morning.

"It's time to put the record straight on this Government's economic performance. It has squandered opportunity. It has left New Zealand's economy vulnerable and exposed," he said in a breakfast address to the Wellington Employers Chamber of Commerce.

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Little said the May 21 Budget came after four years of reasonable growth and at a time of low inflation and growing labour market participation.

David White Stuff asked Andrew Little the top five things he wished he'd known when he became Leader leader.

"Despite these good conditions, it is a Budget that will, once again, fail to deliver on the defining promise of the Key / English National government – to get the books back into surplus."

Finance Minister Bill English has ruled out a surplus this year and has indicated the projected surplus next year will be less than the $600m forecast in December.

Little said the promise was made when ministers knew about the current state of government revenues.

"Of the $4.5 billion lower revenue that Bill English is now blaming for his failure, he knew about $4b of that in December last year, when he still claimed a surplus."

He had also known dairy prices had fallen and ignored warnings they would fall further and that the oil and gas market was under pressure.

"There wasn't enough milk money. There wasn't enough oil money. And, as a result, there wasn't enough tax money."

Now National had abandoned the 2014/15 surplus target.

"A lot of effort has gone into glossing over the broken promise. But I see it for what it is – one of the biggest political deceptions in a lifetime."

Little said this week's announcement of ACC levy cuts of at least $500m over two years was a second major deception and just a vague promise.

A new approach was needed with the economy facing a $7b hit from falling dairy prices, a dangerous over-reliance on the same old commodities, an out of control Auckland housing market and growing regional neglect.

"How is it that at a time of around 3 per cent growth a year, people still aren't feeling better off? How do we still have nearly 6 per cent of our people unemployed? The last time growth was this good, our unemployment rate was a full 2 per cent lower."

Little said National inherited one of the strongest balance sheets and lowest unemployment rates among developed nations with net debt at zero after nine successive Labour surpluses.

"Yes, it's true we had a drought-induced recession, and then the GFC, just as National came to office. But we were prepared. And we got through. Just as three years later we got through the Canterbury earthquakes."

National's response was a tax switch that gave a back bench MP ten times as much as someone on the median income.

Little said National had also failed to diversify the economy, encourage innovation or tackle structural imbalances.

"A different JK, John F Kennedy, once said the best time to fix the roof is when the sun is shining. But our JK would rather leave the hole, and take credit for the sunny day."

National should have increased investment in innovation, including research and development tax.

Little has argued against Labour's previous policy of a broader capital gains tax, but called for a crackdown on speculators and reiterated Labour's policy to stop non-residents from buying houses.

Labour would start building thousands of houses immediately and see more Aucklanders own their own houses, stabilise the market, bring interest rates down and lower the exchange rate.

He also attacked National for not revitalising the regions, with 70 per cent of new jobs since 2011 in Auckland and Christchurch, where only 47 per cent of the population lived.

"An active government partner would reward migrants and businesses who invest their future in our regions. If someone commits to our regions we need to commit to them, too."

The Government should also have reformed tertiary education to prepare for the changes coming to the workplace.

He said the world's largest taxi company, Uber, didn't own any taxis and the world's largest media company, Facebook, didn't produce any media.

Little's speech came as polls showed that, while he had dragged Labour's poll ratings off the floor, he was still struggling to make an impact. To counter this he would be looking to raise his profile over the next six months.