Labour hit its lowest ebb in the TVNZ Colmar Brunton poll in at least a decade, but its finance spokesman, David Cunliffe, says he does not believe it is a verdict on a new capital gains tax.
It's interesting that the Herald has gone to David Cunliffe for comment. Is he the leader in waiting? Cunliffe tries hard, but it doesn't wash:
Mr Cunliffe said he did not consider the poll a solid verdict on the tax policy package.
"Polls go up, polls come down. I note this was taken before the announcement and after the Government had a week to try and kick the crap out of [a capital gains tax] before we actually talked about it."
That's absolute poppycock. LABOUR leaked details about the tax plans to the media on Tuesday 5th July, and that is when the public debate started. Colmar Brunton polled up until Sunday 10th July, by which time pretty much everyone had an opinion on the CGT.
The next two weeks, with Parliament in recess will be pivotal. A large chunk of Labour's caucus awakes very nervous about their individual and collective futures this morning. Even if a change of leader can't win the election, it might stem the bleeding given that Labour lost 20% of its support in this poll.
We will be watching developments with much interest.