UPDATED 10.04AM: Labour leader Andrew Little has gone into attack mode this morning, lashing out at what he says is the government's mismanagement of the New Zealand economy.

MORE: English dismisses Little's attack

Little told a Wellington business audience that the government's been recklessly complacent by abandoning a pledge to surplus in the Budget next week. He described it as one of the biggest deceptions of a lifetime.

He also said the last time the economy was growing at the current rate, unemployment was two percent lower than it is now.

"How is it that with three percent economic growth we still have working families living in poverty. That must be one of the most disturbing statistics today."

"Two out of five kids in poverty living in working families with a working parent."

Little said National has done nothing over the past seven years to tackle the structural imbalances in the New Zealand economy.

"A different JK - John F Kennedy - once said the best time to fix the roof is when the sun is shining. But our JK would rather leave the hole and take credit for the sunny day."

Little claimed that National hasn't tackled an over-reliance on dairy and housing speculation, and done little to encourage innovation.

Talking to media after the speech, Little said he wouldn't be shying away from showing his passion. 

"I am angry about this government's failure in seven years to actually make a significant difference to New Zealand and our economic prospects."

"[New Zealanders] want someone who's actually passionate about New Zealand who's not in the Prime Minister's job as a vanity project and that's the difference between him and me."

Little gave a 'State of the Nation' speech earlier this year in Auckland, the first major event since taking over the party leadership after the election, in which he emphasised a focus on small business and a return to core New Zealand values.