NZ First eyeing foreign affairs, defence, education and economic development roles in new Cabinet, says Corin Dann

New Zealand First will likely have their eye on taking any, or all, of the ministries of foreign affairs, defence, education and economic development in the Cabinet of the new government, says 1 NEWS political editor Corin Dann.

With New Zealand First guaranteed four Cabinet ministry portfolios, and one portfolio outside Cabinet, in their coalition deal with Labour, Dann speculated on what Winston Peters' party might be angling for.

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

"Clearly there are going to be some disappointed people within Labour," Dann said.

"We don't know whether the coveted role of foreign affairs will go to Winston Peters and New Zealand First, it could do.

"Also defence is another one they might be eyeing up as well, and education too I think will be one they'll be looking for as well."

NZ First is forming a coalition government with Labour. Source: 1 NEWS

With Labour refusing New Zealand First the key finance portfolio, Mr Peters' self-declared interest in economic change for the country could land him with the Ministry of Economic Development as consolation.

Dann said the likely New Zealand First MPs who will assume minister positions within Cabinet are Mr Peters, Ron Mark, Shane Jones and Tracey Martin.

Labour is set to take up all of the remaining 16 Cabinet ministries, but the Greens have been allocated three ministries outside Cabinet.

The likely Greens MPs to take these ministries are leader James Shaw, Julie-Anne Genter and Eugenie Sage. 

1 NEWS' political editor says NZ First are likely have their eye on the foreign affairs, defence, education and economic development portfolios. Source: 1 NEWS