The Prime Minister is calling it a day.
John Key announced that he won't be seeking a fourth term
as the country's leader.
Political reporter Eruera Rerekura was at the announcement
and he joins us live now.
Eru can you give us the latest?
Scotty, John Key has been prime minister since 2008.
But this afternoon,
he told a packed parliamentary press gallery
that now was the right time for him to go.
It was a shocking announcement,
an announcement that wasn't expected.
He made time to acknowledge
the parties in his coalition government
such as the Maori Party.
I was very shocked.
I had no idea he would really do that,
but he's mentioned it to me
that he'd stand down as Prime Minister
at a time while he's peaking the polls.
But he acknowledged the Maori Party as a coalition partner
and all of the work that we have done together in the years gone by.
During his time as Prime Minister there were plenty of highs and lows.
In 2008, the year that National won the elections,
it was John Key who named the Maori Party
as a support party in his coalition government.
And that relationship continues to this day.
We've been allowed the opportunity to have a say in Government policies
on issues that we've carried,
such as Whanau Ora, the Maori Language Bill
and the Ture Whenua Maori Bill.
And under John Key,
many Treaty settlements have been passed.
However, his detractors claim
that poverty and homelessness has increased during his term as PM.
The new Prime Minister will be selected next Monday.
So Eru when do we find out who will be our new PM?
John Key steps down on next Monday.
He has endorsed his deputy, Bill English,
as his preferred successor.
So odds are
Bill English will be confirmed as PM this time next week.
Thank you for the update.
The NZ dollar also dropped
when the news broke about Prime Minister John Key.
Maori economist Brook Grant says the effect is a reflection
of the prime minister's influence internationally.
If the National Party remains,
then that would be a good thing in terms of stability.
But if the likes of the Greens or Labour Party were to pull ahead
then the markets would possibly become volatile.
But at the moment we continue.
Overall the dollar dropped from 71.06 USD to 70.88 USD.