Following the Reserve Bank hiking up the OCR by a further 75 basis points, National has announced they will be rethinking their tax policy. 

Chris Luxon said that National's entire policy (minus indexed tax brackets) will be re-assessed in order to counteract inflation.

National's Finance Spokesperson Nicola Willis clarified that today's update presents terrible news for the economy, as it means New Zealand will have to deal with further inflation, recession, and limited growth.

"This is a dark picture, and it's up to National to be the responsible economic managers that will get New Zealand through what's going to be a difficult time."

LISTEN ABOVE

• National's tax policy under review post-OCR hike- Luxon
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• Tim Dower: National’s tax policy is underwhelming