Treasury has opened the Government's books, revealing just how much money is on the table for big-spend promises this election.



The surplus is bigger than predicted, but it's just a blip, and future surpluses are expected to slide to lower than forecast.

Labour's been waiting until the fiscal update to provide more details on its tax policy. On Wednesday afternoon, Opposition leader Jacinda Ardern said the party rules out increasing income tax.

The fiscal update at a glance:

$3.7b surplus for the 2016/17 financial year - $2.1b higher than expected

Tax revenue is $1b higher than expected

Net core Crown debt $2b lower than the forecast

By 2019, surplus predicted to be $500m lower than expected

By 2021, surplus expected to be $800m lower than forecast

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3.18pm Ardern rules out raising taxes - including top rate

If Labour leads the next government, Jacinda Ardern will not be raising taxes.

"We are not campaigning on an increase in taxes for personal income, and it is not part of our plan," she told media on Wednesday.

Ms Ardern has completely ruled out raising even the top tax rate on income over $150,000.

"That's not going to happen. We will not be campaigning on the top tax rate, and I've no intention of giving that to the tax working group."