Peters Chooses Labour as Coalition Partner
Winston Peters says he will form a Government in coalition with Labour and the Greens giving confidence and supply.
Peters indicated he had been offered the position of Deputy Prime Minister and a number of other ministerial posts would go to his colleagues
He said economic and monetary policy changes were needed to face a coming economic downturn.
Peters said too many people had come to see capitalism as its foe and not its friend and this had to change.
National would have represented more of the status quo.
"We believe that capitalism must regain its responsible, its human face. That's why in the end we chose a coalition government of New Zealand First with the New Zealand Labour party."
Labour would hold the Finance portfolio.
Peters expected cuts to immigration "We mean to ensure we have a much more accurate and certain immigration stream of skills and excellence and genuine export education."
There would also be tighter controls of foreign investment in line with which Labour and NZ First had campaigned. on.
Labour Leader Jacinda Ardern said “I thank the New Zealand First Party and Leader Winston Peters for agreeing in principle to a coalition arrangement with Labour. The negotiations have been courteous, constructive and robust. Throughout, we have focused on our shared values and the policies that can take New Zealand forward.
“We are both committed to forming a strong and durable government that can deal with the many challenges this country faces.
“The Green Party is now undertaking its internal approval process before we confirm final arrangements to form a Labour-led progressive Government. This too has been an excellent process, which I thank James Shaw and his team for.
“This is an exciting day. We aspire to be a government for all New Zealanders and one that will seize the opportunity to build a fairer, better New Zealand.
Ardern said she was awaiting the Greens confirmation of support, but they had indicated they wanted to change the Government
The Greens had been offered ministerial portfolios. These and policy agreements would be released in due course.
Green Leader James Shaw confirmed his party would support the new Government on confidence and supply. It would hold three ministerial portfolios out of Cabinet
National Leader Bill English said "We wish the new government well in taking the opportunity that we have, which is a generational opportunity for New Zealanders to build on economic strength but also deal with longstanding issues that New Zealanders want to see dealt with.”
National would be the strongest opposition party Parliament has seen, but the question of his leadership was for another day, he said.