Blog-posts macro label matching is ver inconsistent

We have the following blog-post line in a page in our ORG space:

{blog-posts:labels=project,news,hla013|match-labels=all|spaces=ORG}

And it currently matches nothing, even though we have pages such as:

EDS Optimisation Update (Organizations)

labels: apac, project, news, hla, hla013

If I remove news, apac and project from the list of labels to match it matches. If I then add hla it matches. If I add news and projects back it fails all over again