Christopher Luxon has followed his prime ministerial predecessors Jacinda Ardern and Chris Hipkins in ruling out ever introducing a capital gains tax (CGT) while in charge.
The commitment - unsurprising given National's long opposition to a CGT - is just the latest development in one of the country's perennial political debates.
Late 1980s - As part of its radical overhaul of the tax system, the Labour government, under David Lange, begins working up a blueprint for a comprehensive CGT. Work on the proposal pauses in the lead up to the 1990 election and is scrapped following Labour's defeat.
2001 - The Labour-led government, under Helen Clark, commissions an independent review of the tax system. It recommends against taxing capital gains at the point of sale and proposes another model.
2009 - The National-led government, under John Key, sets up a tax working group to review the tax system. Its final report floats the possibility of a comprehensive CGT, but notes "practical challenges" and "potential distortions".
2010 - Key rules out introducing a CGT or land tax in response to the working group's report.
July 2011 - Labour leader Phil Goff announces a CGT as the centre-piece of his party's tax policy for the election.
November 2011 - Goff gets tripped up over economic costings during a town hall debate with Key in Christchurch. It prompts Key's catch-cry: "show me the money!" Labour subsequently loses the election.
June 2012 - Key rules out ever introducing a CGT under his leadership.
Phil Goff and John Key. Photo: RNZ
January 2014 - Labour leader David Cunliffe confirms the party will stick with its CGT policy.
September 2014 - Cunliffe gets tripped up over the details of his CGT policy during The Press leaders debate with Key in Christchurch. Labour subsequently loses the election.
May 2015 - Under pressure over the hot property market, Key announces a new bright-line test, considered by many to be CGT-lite. Property investors who sell a house within two years of buying it have to pay tax on any capital gain.
May 2016 - Labour announces plan to set up a new working group if elected to review the tax system.
March 2017 - Labour leader Andrew Little rules out making any tax changes, including introducing a CGT, after the election
August 2017 - Little resigns as Labour leader. Jacinda Ardern takes over. Ardern reopens the debate, saying she reserves the right to act on the Tax Working Group's advice.
Prime Minister Christopher Luxon in studio with Guyon Espiner for 30. Photo: RNZ / Cole Eastham-Farrelly
September 2017 - Panicked by the polls and pushback, Ardern performs a U-turn, reverting to Little's position. She says Labour will consider the Tax Working Group's advice, but won't make any changes until after the 2020 election.
November 2017 - The Labour-NZ First coalition, under Ardern, announces the Tax Working Group will be chaired by former finance minister Sir Michael Cullen.
March 2018 - The Labour-NZ First coalition extends the bright-line test to five years.
February 2019 - The Tax Working Group delivers its final report, recommending a broad extension of taxing capital gains. Labour says it will take a "measured approach" as it considers its response.
April 2019 - Ardern rules out ever implementing a CGT while she is prime minister, saying the public had made its view clear. It comes after NZ First refused support for a CGT during that term.
March 2021 - The Labour government extends the bright-line test to 10 years.
Jacinda Ardern and Chris Hipkins. Photo: RNZ / Cole Eastham-Farrelly
January 2023 - Ardern announces shock resignation. Chris Hipkins takes over as prime minister.
February 2023 - Hipkins refuses to take a position on a CGT, calling it "inane" to rule anything in or out.
July 2023 - Hipkins rules out introducing CGT: "Under a government I lead there will be no wealth or capital gains tax after the election. End of story."
November 2023 - Following Labour's election defeat in October, Hipkins backtracks on his previous pledge and puts a possible CGT or wealth tax back on the table.
March 2024 - National returns the bright-line test back to its initial two-year timeframe.
November 2024 - Prime Minister Christopher Luxon rules out ever introducing a CGT under his leadership.
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