There will be no capital gains tax.

Prime Minister Jacinda Ardern says Cabinet could not reach a consensus.

She says she still believes such a tax would have made a difference, but a Government that reflects the majority of New Zealanders has not been able to find support for this proposal.

Ardern says the Labour Party has campaigned on this for three elections, but it's now off the table.

She has pledged that under her leadership, Labour will no longer campaign for or implement a CGT.