The Finance Minister has slammed Don Brash's Orewa speech as "vastly underwhelming".

Michael Cullen says the speech is riddled with inaccuracies, particularly over Government spending.

He says it was predictable and boring, setting out the same agenda that failed National during the election campaign.

He labels Dr Brash an old man, talking down New Zealand and New Zealanders.

Dr Cullen says he is failing to produce any new solutions that might be delivered by a National government and he says Dr Brash's day of reckoning will be sooner rather than later if that is all he has to offer.

He also says the National leader's comment that some immigrants "don't fit" with New Zealand's liberal, secular society just does not wash.

Dr Cullen says after the first speech bashing Maori and the second, attacking beneficiaries, a lecture on tolerance from Don Brash does not work.