Labour leader Chris Hipkins would not provide an example of a business that would benefit from their new wealth fund when quizzed by HeraldNOW’s Ryan Bridge.

Hipkins unveiled his party’s first economic policy before the 2026 election yesterday – a New Zealand Future Fund, intended to take the dividends of some Crown assets and redistribute them into New Zealand businesses in the hopes of creating new jobs.

Speaking to Bridge, Hipkins said the government’s existing commercial assets would get the fund started.

“We haven’t been specific about which ones, but clearly our existing state-owned enterprises, mixed ownership model companies, would be at the top of the list for businesses that we would look to transfer into the future fund alongside the initial capital injection of $200 million.”

Hipkins confirmed there would be “scope” provided by the Government when Bridge asked if the fund could help industries create drones for warfare as one example.

“Yeah, of course, there’ll be a scope on what they should and shouldn’t invest in. The types of businesses they should and shouldn’t invest in,” Hipkins said,

“But we’re not going to be telling them which businesses to invest in.”

However, Hipkins’ proposal comes with few costings, details of what assets will be included in the fund or projections about how many jobs may be created as a result.

But Labour says it’s confident it will lead to Kiwi business staying here, leading to local wealth creation.

Under Labour’s plan, a $200m capital contribution from the Crown would help get the ball rolling while the dividends of a selected group of assets, such as state-owned enterprises, would be pooled and then reinvested into New Zealand businesses.

The fund would be independently governed by the Guardians of the Super Fund and have the Minister of Finance as the sole shareholder.

“Returns will be both financial and social,” a policy document says. “Some investments may not deliver the fast profits of global markets, but they will create lasting national value – stronger communities, lower costs, more resilient industries, and opportunities to keep talent and ideas in New Zealand.”

Labour’s finance spokeswoman Barbara Edmonds said the fund is “how we back ourselves as a country”.

“The fund will invest in New Zealand for the benefit of everyone, building infrastructure and backing innovative businesses to create secure, well-paid jobs and grow wealth in every region.”

Prime Minister Christopher Luxon called the policy “totally underwhelming”.

“I think three of the 12 pages [of the policy document] I saw were pictures. Just a whole bunch of buzzwords and jargon and no detail on it, can’t list the companies for commercial reasons apparently, market sensitivities, what a load of rubbish,” Luxon said.