The panel discuss why both National and Labour seem to be having trouble with their sums, and why it's time to ask the minor parties what they really want.

By Tim Watkin

Financial credibility and leadership. That's what this week's Caucus boils down to, with both National and Labour struggling with the former, but showing a fair bit of the latter. Then there are the minor parties and what coalition combos could look like. But more of that later.

National's incorrect claims that Labour has an "$11.7 billion hole" in its fiscal plan - and its insistence it is right in the face of universal disagreement - has dominated the week, raising the question whether National's reputation for sound economic stewardship has taken a hit. In the finance debate on today's Morning Report, Steven Joyce couldn't name one New Zealander who backed his claims; and as Guyon points out, he wasn't even asking for an economist, it was any New Zealander at all.

Joyce's tactics mimic the National Party playbook from 2011 and 2014, when he raised questions about large fiscal holes in Labour's accounts, but this time the pushback has been strong and credible and National's narrative that they know how to run an economy better than anyone else is now being questioned.

Not that Labour's fiscals aren't without their own problems. Lisa runs through some of the "heroic" numbers that are in Labour's plan and then, of course, there's the land tax question. For nearly 48 hours, confusion reigned as to whether or not Jacinda Ardern had left the door open to a tax on the land under a family home.

Following a Tuesday Morning Report interview in which she seemed to both rule out a land tax on the family home and insist it was on the table for her proposed Tax Working Group, it took until last night for her to definitively say that there would be no tax - capital gains, land, or any variety - on the family home or land.

Yet while the major parties have struggled with economics, the Newshub leaders debate saw some moments of genuine leadership. Bill English took National into new territory, promising to lift 100,000 children out of poverty in the next term. He out-passioned her on the night, but Ardern matched that the next morning.

In the same debate, Ardern spoke out on abortion, committing to taking it out of the Crimes Act and earning loud applause from the studio audience. Lisa says that just a few months ago, she declined an interview request from The Nation on just that topic, saying it was a conscience vote. Now as leader, she's taken a stand. With English opposed to change, it reinforces the old/new perception that Labour is trying to develop…

Go to this episode on rnz.co.nz for more details