Steps need to be taken to avoid another so-called 'fiscal hole' saga.

The New Zealand Institute of Economic Research say a Parliamentary Commissioner should be appointed ahead of every election to review the each political parties fiscal plan.

They say a new independent body is needed to keep politicians honest during election time.

Finance Minister Steven Joyce caused ructions before the election when he accused Labour of having an 11.7-billion dollar hole in its fiscal plan.

The claim was rejected by multiple economists.

NZIER principal economist Peter Wilson said a Parliamentary Commissioner for Policy Costing would have put an end to the saga once and for all.

"The thing that is missing in New Zealand is costing of political parties policies for elections so we think we should have a specialist body just to do that."

Wilson said having a Commissioner for Policy Costing could prevent another so-called 'fiscal hole' saga.

"If the Labour Party's costing's had been done by the commissioner there would have been no discussion about fiscal holes at all."