Several commentators are calling for Prime Minister Jacinda Ardern to call a snap election.
Questions are being raised about a secret fund used by New Zealand First, which has collected nearly half a million dollars in donations from wealthy donors through the New Zealand First Foundation.
Records obtained by Stuff show the money was used for party activities - like election campaigns, advertising and MPs' legal advice.
Writers for the New Zealand Herald and The Spinoff have said that Ardern may need to consider an election.
Speaking on The Huddle with Heather du Plessis-Allan, commentator Neale Jones says that it is ridiculous as there is just one news report.
"At this stage, the idea the PM would call a snap election based on one news article is absurd. You actually have a process."
He says that it reflects a will to be sensational about the story.
David Farrar agrees that it is premature at this stage, but says that Labour has to avoid going down the same path the party did in 2008.
"Helen Clark just said nothing to do with me, we believe Winston', and that did a lot of damage to her."
He says that Labour will be asking themselves heading into election year if they will be campaigning on their own policies or defending NZ First.