Labour's Grant Robertson has labelled National's threat of a second election a 'panic move'.

National leader Chris Luxon has warned of the possibility of an election do-over if NZ First is needed to form a Government.

Robertson says this threat is a 'ridiculous situation' that National leaned into out of fear.

"It's a completely ridiculous situation, it looks very panicky, very unstable. But that's their problem and that's what voters will judge them on." 

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