The 1960 New Zealand general election was a nationwide vote to determine the shape of the New Zealand Parliament's 33rd term. It saw the governing Labour Party defeated by the National Party, putting an end to the short second Labour government. Background The Labour Party had won the 1957 election by a narrow margin, beginning New Zealand's second period of Labour government. However, the new administration soon lost its narrow lead in public opinion, with its financial policies being the principal cause of dissatisfaction. The so-called "Black Budget", introduced by finance minister Arnold Nordmeyer, increased taxes substantially, with particularly large increases for alcohol and tobacco taxes; Labour became widely seen as both miserly and puritanical. The government defended its tax increases as a necessary measure to avert a balance of payments crisis, but the opposition, led by Keith Holyoake, made substantial gains out of the issue throughout the parliamentary term. Both parties crafted narratives on the history of the balance of payments crisis in the lead up to the election. Holyoake tried to argue that overseas funds had not fallen as much as Nash said in 1957, and that Labour had produced a panic budget. Moreover, the over-importing was due to a fear of import controls if Labour should win. Nash continued to stress that National had produced the worst economic crisis since the Great Depression and that Labour had averted further disaster by its action. Coincidentally, at the beginning of the election another drop in overseas funds occurred, but neither party commented much about it. Labour's main policy platform was on industrialization particularly with new cotton mills in Nelson. Nash constantly repeated the theme people in New Zealand had 'never been so well off' and pamphlets stated 'everyone, everywhere, will again be better off', closely mirroring British Prime Minister Harold Macmillan's winning slogan in 1959, 'You've never had it so good'. National's campaign promised to lower taxes, reduce import controls and abolish compulsory unionism. A very thorough study of the election by three political scientists concluded that National's preparations for the election, organization, and publicity were much better than Labour's which was the main reason for the result with little substantial differences between the parties in policy. National's party organisation recognised their win was mostly due to public mood against Labour and many traditional Labour voters not bothering to vote. As a result Labour's vote share had fallen more