Peters won't rule out East Coast Bays

New Zealand First Leader Winston Peters. Photo / New Zealand Herald Photograph / Richard Robinson

NZ First Leader Winston Peters is taking the fight to Colin Craig by refusing to rule out standing against the Conservative Party Leader in East Coast Bays.

As NZ First marks its 21st anniversary at its birthplace, Auckland's Alexandra Park, Mr Peters also indicated he is set to announce a tax on foreign investment.

About 150 NZ First members are gathered for the conference while across town Mr Craig's party was winding up its own annual meeting.

Mr Peters again claimed Mr Craig had plagiarised much of NZ First's policies, but he said the Conservatives didn't have "the commitment" to make those policies happen.

Mr Craig is standing in East Coast Bays where he stands little chance of winning unless National's incumbent, Foreign Minister Murray McCully stands aside.

"If you need a ladder from some other party to climb the MMP 5 per cent threshold wall then how committed will you be after the election in negotiations when you're beholden to the party you're negotiating with" Mr Peters said in an interview with TV3's The Nation.

"That makes us strong it means he's weak, it means he will not survive this campaign."

Mr Peters said many people had suggested he stand in East Coast Bays given the "outrage" of a potential deal between Mr Craig and National.

"I think it's an exciting thought... we'll wait around and think about it.

"I'm not ruling that out."

Mr Peters will give his Leader's address tomorrow and said he would announce taxation policy during that speech.

While he would not back Labour's capital gains tax "unless you show me what you're going to do about compensating for capital losses".

"However I will give you a signal tomorrow about a capital gains tax that we will support but it will not be concerning the New Zealand people."

"This will be an exiting invention and it's really going to be highly important for the people of this country to know what we're saying here."

Mr Peters, who has often railed against foreign ownership and what he sees as the negative aspects of growing Chinese presence in New Zealand indicated he would not be targeting Chinese investment.

"I'm talking about foreign ownership I don't care whether it comes out of Luxembourg and is laundering corrupt money out of Luxembourg or anywhere else in the world, I want this country to regain its ownership whether it be houses or it land."