KEY POINTS:
Labour is moving towards the more populist policies of New Zealand First but New Zealand First leader Winston Peters says he is not worried and has got many more it can pinch.
Labour has toughened rules around foreign investment in strategic assets, to prevent the part-sale of Auckland
International Airport to a Canadian pension fund. Such bids for strategic assets now have to assist New Zealand control of the asset.
National chimed in with a new policy - and a much more dramatic one - restricting foreign ownership in strategic assets to 49 per cent.
Labour also confirmed it is in negotiation to buy back the rail and Cook Strait ferry assets of Toll New Zealand. It has already bought back the rail tracks company Ontrack.
New Zealand First's foreign investment policy is tighter still - to limit foreign investment in strategic assets to 24.9 per cent.
Such policies have been the bread and butter of the party, formed almost 15 years ago - despite the oft-forgotten fact that the National-led Government in July 1998 would not have been able to float Auckland Airport without the support of its New Zealand First coalition partner.
New Zealand First was the first party - and the only one for some time - to have a deadline for settlement of Treaty of Waitangi claims, an approach now adopted by all parties.
Mr Peters says the more of his policies they pick up the better.
"I don't mind how many policies of mine they pinch. Imitation is the most sincere form of flattery."
He agreed one policy that could easily be adopted by Labour was to direct the New Zealand Superannuation Fund to prioritise the purchase of shares in New Zealand infrastructure companies - though at ministerial arm's length.
"Why would you allow super funds in Canada to buy an airport we could own?"
He did not want to comment on the record of both major political parties of throwing caution to the wind with promises in election year.
One of Labour's most popular policies last election was to remove the interest on student loans for people who remain in New Zealand.
Among New Zealand First policies that Labour or other parties could be perusing for election year are:
* A universal student allowance.
* Changes to the Reserve Bank Act to broaden its focus beyond controlling inflation.
* Free hearing aids and glasses for the elderly.
* Sabbaticals for teachers.
New Zealand First and Labour are expected to announce separately not only improvements to the Supergold card, but also major new policies to attract the elderly back from their flirtation with National.
Labour could borrow some election-year inspiration from the new Australian Prime Minister, Kevin Rudd, who has frozen MPs' pay rises for a year as he struggles to reduce the financial stress on ordinary people.
Prime Minister Helen Clark has already foreshadowed major policy work on cheaper and faster broadband - policy that will be eagerly awaited by business and computer buffs alike.
Mr Rudd said that every school student should have access to a computer. That could be refined to something like a laptop for every intermediate-aged student.