New Zealand First leader Winston Peters has vowed to repeal the Regulatory Standards Bill if re-elected next year.
That prompted the bill's key proponent, ACT leader David Seymour, to warn Peters could be jumping ship to Labour.
Peters told Radio Waatea's Dale Husband he wanted the Bill gone earlier on Thursday, having voted it through its third reading this time last week.
"It was their deal, the ACT Party's deal with the National Party. We were opposed to this from the word go, but you've only got so many cards you can play.
ACT leader claims Winston Peters 'getting ready to go with Labour again' - Watch on TVNZ+
"We did our best to neutralise its adverse effects, and we will campaign at the next election to repeal it."
The Bill is the brainchild of ACT Party leader and Minister for Regulation David Seymour, who says it will "help New Zealand get its mojo back".
It seeks to limit future lawmakers from introducing what Seymour considers unnecessary red tape into legislation, prioritising private property rights.
As part of this, it proposes establishing a Regulatory Standards Board, which would assess whether proposed laws align with several principles outlined in the Bill.
The Bill has faced fierce pushback from the public, with more than 98% of public submissions opposed.
Its critics say the principles are ideological, could favour big corporations, and would add delays and cost to lawmaking.
Speaking at Parliament on Thursday afternoon, Peters said he had done his best to "fix" the Bill up.
"That sort of intervention in the democratic process is not fit for a modern democracy.
"It was in the coalition agreement, but we will campaign against it in 2026."
'Sounds like he's getting ready to go with Labour again' – Seymour
Seymour said it was a "pretty worrying" development.
"That's Labour's position. It sounds like he's getting ready to go with Labour again.
"This is a landmark piece of legislation that ACT would never vote to get rid of so, if he wants to do that, he's got to go with Labour.
"What's more, for the best interests of New Zealand, we need to get on top of red tape and regulation. It's making us poorer. It's ruining lives. It's ruining our country and the Regulatory Standards Act is there to do exactly that; cut the red tape long term."
Asked if he thought Peters was respecting the conventions of Cabinet, Seymour said it was an interesting question.
"Frankly, the Government's position is to have the Regulatory Standards Act and continue to develop it.
"I would have thought, of all the things we could be focused on right now for New Zealand, it would be how do we get the cost of living under control, get some economic activity back, rather than speculating about what you might do in another scenario that the voters haven't even had a say on yet."
Seymour said the Regulatory Standards Bill was non-negotiable for his party.
"We've worked on this for 20 years because red tape is strangling our country, and the Regulatory Standards Act is the way to deal with it."
Asked if he was gearing up to work with Labour next year, Peters said: "Don't make me laugh."
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