Labour will not be raising taxes if elected at this year's election.

Party leader Andrew Little said his team would have enough income to pay for their election promises now the government was expecting a $1 billion surplus this year ahead of Treasury projections.

He said as a result, his team was not planning to raise taxes if elected.

"The government has achieved more tax revenue than they expected," he said on Three's The Nation programme.

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"The commitments we've made ... means that we can fund those out of existing tax revenue."

But while ruling out introducing a capital gains tax on housing and raising the age of superannuation, Little said Labour would make drastic changes to negative gearing.

The current system allows people to avoid paying taxes on a property when the rental income they gain from it is less than their repayment costs on the loan.

The owner may still make a profit over the long term as a result of capital gains, which are also largely untaxed.

"We're going after those negative gearing rules, there is no need for them," Little told Three.

"In principle we're saying, 'Why should investors who own these investment properties have a tax advantage?'

"And so we're going to look at that, and that's part of dealing with the speculators of the market."

- AAP