Former Finance Minister Steven Joyce says his claims of a fiscal hole in Labour's books have been proven right.

His claims of an $11.7 billion fiscal hole were widely rejected last year, however, independent economist Cameron Bagrie believes Mr Joyce will eventually be vindicated.

READ MORE: Comment - Joyce was right about Labour's $11b fiscal hole

Steven Joyce told Mike Hosking Labour simply didn't get its costings right.

" The amount of money which they have set aside for things like coalitions and public service pay increases was ridiculously small."

LISTEN ABOVE AS STEVEN JOYCE SPEAKS TO MIKE HOSKING