As it happened: Jacinda Ardern says 'honour and a privilege' to form next Government as Winston Peters goes left

That concludes 1 NEWS NOW's live updates of Winston Peters coalition announcement. Join us again tomorrow for all the follow up, including the naming of the new cabinet and reaction to the decision. 

Winston Peters speech in the Beehive, where he announces the new NZ Government. Source: 1 NEWS

9:15pm An upbeat James Shaw has finished his media stand-up to resume talks with the rest of is party and their delegates. It seems very likely the Green Party will get the 75 per cent agreement needed before the end of the night to ratify a deal. 

Despite losing the top job, Mr English was happy to offer his replacement some advice. Source: 1 NEWS

9:07pm Watch Bill English give his advice to the new Prime Minister-elect Jacinda Ardern.

9:06pm "Where we have ended up is a really good place to be," Mr Shaw says of the coalition deal.

It appears that for the first time, the Greens will hold ministerial portfolios. Source: 1 NEWS

9:05pm Shaw says the Greens will have three ministerial positions and one under-secretary. He expects the talks between delegates to be completed in a positive fashion tonight.

9:03pm Shaw says the talks among the Green Party delegates is progressing well and a change of government should be ratified soon. He says the Greens are now in a position to tackle climate change among other environmental issues they are passionate about.

9:00pm James Shaw says it was an extraordinary campaign and has congratulated Jacinda Ardern on her victory. He has called it a historic moment for the Green Party, as they will have ministerial positions for the first time.

Source: 1 NEWS

8:55pm In the background of all the speeches, the Green Party delegates have been meeting to try and reach a consensus on any deal. It will be interesting to see if James Shaw gives any firm details on how the meeting is progressing.

Winston Peters has thrown his support behind a Labour-led government with Jacinda Ardern as PM. Source: 1 NEWS

8:50pm A very gracious speech in defeat by Bill English, one more to go, with James Shaw set to speak next.

8:47pm Mr English has some advice for Jacinda Ardern in her new role "Take the role very seriously, don’t take yourself too seriously."

Source: 1 NEWS

8:43pm He says the result is clear and hopes the whole country wishes the new government well.

8:41pm Mr English says the issue of leadership going forward for National will be talked about "over the next few weeks."

8:40pm Bill English is now addressing media and has wished the new government all the best. He has also thanked his National Party team and all the Kiwis who voted for them.

Ms Ardern will lead NZ's next government after Winston Peters offered Labour his party's support. Source: 1 NEWS

8:25pm Watch Jacinda Ardern react to Winston Peters announcement today that has catapulted her into power.

8:21pm The Prime Minister-elect has confirmed that she did indeed only find out the decision during Winston Peters speech along with the New Zealand public.

8:17pm Ms Ardern can confirm that Winston Peters has been offered the role of Deputy PM and NZ First has been offered four cabinet positions. The Greens have also been offered some ministerial positions but she declined to put a number on how many as of yet.

8:15pm Ardern expects to conclude agreements with NZ First and the Green Party over the next 24 hours. 

8:12pm Jacinda Ardern is speaking now and says it is an honour and a privilege to have the chance to form a government, she has also praised her opponent Bill English and the campaign run by the National Party.

8:10pm Jacinda Ardern has released a press statement ahead of her speech, saying in part: "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."

8:05pm Watch Jacinda Ardern's reaction to the decision on the 1 NEWS NOW live stream: Jacinda Ardern reacts to Winston Peters decision. 

7:56pm Here is how Jacinda Ardern completed her meteoric rise to power. 'Let's do this!' – Jacinda Ardern's remarkable rise to power

7:52pm Bill English is set to speak to media straight after Jacinda Ardern has finished, at this stage that means he will be speaking at the same time as Green Party leader James Shaw.

Source: 1 NEWS

7:45pm Back to waiting, this time for the PM elect Jacinda Ardern who is set to speak at 8pm.

7:40pm The Green Party's role in the next government will be one of confidence and supply.

7:35pm Winston Peters also said that the Maori seats he had wanted to abolish will remain.

7:28pm It's unclear whether we will hear from Bill English or National tonight, but reporters are saying they have seen some National MPs around the Beehive looking understandably dejected.

1 NEWS political editor Corin Dann gives his immediate reaction to Winston Peters' decision he is joining forces with Labour. Source: 1 NEWS

7:25pm Corin Dann reacts, with his analysis on the decision.

7:19pm According to 1 NEWS political reporter Andrea Vance, NZ First only made their decision 15 minutes before making the announcement, with Bill English and Jacinda Ardern finding out the decision at the same time as the public.

7:15pm Jacinda Ardern should be addressing media shortly, with Green Party leader James Shaw expected to do the same afterwards.

7:13pm Quote from Winston Peters during announcement: "Our perception was that the people of this country regardless of what a lot of people say, did want change and we've responded to that. We're going to put all our efforts into making sure it works, and we get the change that this country believes it needs."

After nearly two weeks of negotiations, Mr Peters announced his decision today. Source: 1 NEWS

7:10pm Watch the moment Winston Peters makes his historic announcement.

7:08pm A huge eruption of cheers has been heard erupting from the Labour offices, where they are obviously jubilant.

7.04pm: On the portfolios NZ First has: "Well it's a sizable list, some are big some are small, and it's up to the Labour leader to announce those when we've completed all our negotiations."

6:55pm Winston Peters has announced he will be looking to form a coalition with the Labour Party.

6:50pm Winston Peters is making his announcement right now.

6:45pm The word is out that Winston Peters is making his way to the Beehive Theatrette now.

6:45pm There are reports that Jacinda Ardern will be giving a press conference after Winston Peters' announcement in the Labour caucus room.

6:40pm Newshub are reporting a Green Party staffer was spotted with champagne in hand, they apparently dodged out the way when the cameras appeared. Is the champagne to celebrate or to drown sorrows? We will hopefully know very soon!

6:35pm For those who have been wondering, the definition for shortly is: in a short time; soon. So there you go, that clears that up.

6:25pm Winston Peters has just released a statement: "New Zealand First Leader Rt Hon Winston Peters will make an announcement in the Beehive Theatrette shortly."

It's been a day of high drama in Wellington. Source: 1 NEWS

6:22pm Corin Dann with the latest from Parliament as the anxious wait goes on...

6:20pm According to Newshub's Patrick Gower, Winston Peters has been spotted doing the rounds in the Labour Party's office this afternoon. 

6:15pm TVNZ's Jessica Roden has just spotted Bill English's wife Mary, making her way from the carpark to the ninth floor of the Beehive to join her husband.

6:05pm Corin Dann has just been on 1 NEWS saying Winston Peters is still in a meeting with the doors shut, but he should be emerging soon for an announcement. 

5:55pm Political commentator Bryce Edwards has sent out a tweet saying he believes leaks coming from the National Party are setting up the narrative that NZ First demanded too many baubles from them, while Labour gave in.

Source: 1 NEWS

5:45pm Only one thing is missing from this scene...

5:37pm While we wait, enjoy this flashback to a fresh faced Mr Peters making his coalition announcement in 1996. Flashback! The moment Winston Peters announces his coalition choice, live at 7pm to Paul Holmes

5:35pm The NZHerald is reporting Mr Peters will be addressing the media very soon. That would be just in time for 1 NEWS conveniently.

5:30pm Talking to John Campbell's Checkpoint, Green Party leader James Shaw said he hasn't spoken to Winston Peters in a while.

Mr Shaw also told RadioNZ's Checkpoint that the conference call the Greens are having tonight has been planned for a while.

5:25pm The Kiwi dollar isn't immune to the last minute jitters of negotiations either, having dropped by a third of a cent in the last few minutes. The dollar is down at US70.94c, from US71.26c.

Source: 1 NEWS

5:17pm Ready when you are Winston!

5:14pm 1 NEWS political editor Corin Dann has just phoned into the office to say there are no new updates from the NZ First camp. While Newshub are reporting that the plinth setup behind the podium for Mr Peters to stand on has now been removed, read into that what you will...

5:10pm The details from the NBR reports state the announcement has been delayed due to NZ First wanting four positions in cabinet and one ministerial position outside cabinet, from National, when they are only willing to give up three and not all in Cabinet.

4:55pm The NBR is reporting there is a hold up due to the number of ministerial positions Mr Peters has requested from National.

4:50pm There are reports the Green Party will be holding a teleconference with their 150 delegates tonight. They would need 75 per cent of all the delegates to agree in order to sign off on any deal.

4:45pm We may have a decision tonight, just waiting on Winston Peters to reveal the exact time he will be fronting media to make his much anticipated announcement. He is expected to address the nation from a podium in the Beehive Theatrette.

Peters says he is meeting with his caucus to go over the "latest information" this afternoon, as negotiations are ongoing. Source: 1 NEWS

4:40pm An interesting look at who has appeared most confident between Jacinda Ardern and Bill English during the negotiation process. Who's looked more confident fronting the media during the coalition negotiation saga - Bill or Jacinda?

The National Party caucus held a meeting in Wellington to update MPs on coalition talks at 11am, followed by a teleconference with the board today.

The Labour Party caucus held a teleconference at the same time.

Nearly four weeks on from the election, and after weeks of negotiation talks, Winston Peters says he believes the party is coming to a consensus on a coalition in a "timely manner".

"We've got options and tomorrow we'll eliminate those and come to a decision," he said last night.

Peters says the discussions have been "substantial".