Labour has launched its first key election policy this term, announcing a fund which would invest in New Zealand infrastructure and businesses only.

The party is calling it the first step in its plan to "back New Zealand's potential", create "secure, well-paid jobs across the country", lift productivity and ensure wealth is made and remains in the country.

A document launched alongside the new policy outlined three principles to underpin the Future Fund and the party's "wider approach":

• Wealth creation with purpose - directing investment to solving real problems: affordable healthcare, warm homes, higher productivity, and a zero-carbon economy.
• Partnership - working alongside business, unions and communities to shape and create new markets, providing clarity, direction and confidence to invest for the long term.
• Investing in ourselves - mobilising New Zealand's own savings, skills and innovation to create jobs and opportunity here at home, and investing proactively to nurture new technological and industrial strengths.