The National Party leader says the situation in New Zealand is different to the UK where tax cuts have contributed to market turmoil.
The British Government's tax cut plans, funded by a hike in borrowing caused the pound to plunge last week.
On Tuesday UK Chancellor of the Exchequor Kwasi Kwarteng announced the plan to cut the top tax rate had been axed in response to the furore.
National has proposed its own tax package in New Zealand if elected next year, which includes reducing the top tax rate.
Christopher Luxon told Morning Report says the situation here is different and National would reduce government spending while cutting taxes.
