It's D-Day for NZ to know its new government, but everyone remains in the dark about which way Winston will go

The day has finally arrived for New Zealanders to learn the composition of their new government, but party leaders and senior journalists alike admit they are totally in the dark about what will happen before Winston Peters announces his coalition partner, or partners, this afternoon.

Last night, a spokesperson for National leader Bill English said the party had "no indication of what decision New Zealand First will make".

1 NEWS political editor Corin Dann also revealed that the media pack, who have been staking out Bowen House in Wellington for over a week, also have no idea how today's proceedings will eventuate.

Speaking last night, Dann said: "I think you'll see there'll be more talks in the morning but it's very unclear, and of course Winston Peters has already set a couple of deadlines in this process so perhaps we just need to take this with some caution.

"What's also clear from today though was this wasn't just a caucus meeting of the New Zealand First MPs.

"They were continuing negotiations with both Labour and National and we know last night there were face-to-face meetings with the leaders."

Dann said these late-night meetings were likely continuing to dissect ministerial deals, and "critically", the formation of this government and whether it will be a coalition or a supply and demand confidence arrangement.  

Dann said, however, it was "very, very unclear" how today would play out, saying he expects at some point this afternoon there would be a media conference of some description.

A spokesperson for Mr English last night said National would hold a caucus meeting at 11am today to update MPs on coalition talks, followed by a teleconference with the board.

"We stress that we have had no indication of what decision New Zealand First will make," the National spokesperson said.

Labour will also hold a teleconference with its caucus at 11am. However, Labour sources insist this is no indication of any decision.

New Zealand First said in a statement yesterday afternoon it would be announcing what party it would support to form New Zealand's next government today.