Live updates: New coalition government being announced

Winston Peters will be deputy prime minister for the first half of the parliamentary term, with David Seymour taking over for the remainder, as the new government reveals its ministerial lineup.

Peters will be Foreign Minister, with David Seymour taking on the new role of Minister of Regulation.

The next Cabinet will have 20 members; 14 National ministers, three ACT ministers and three New Zealand First ministers.

Nicola Willis will be Minister of Finance, Brooke van Velden will be Minister for Workplace Relations and Safety and Shane Jones will be Minister for Regional Development.

In terms of ministers outside Cabinet, there will be five from National, two from ACT and one from New Zealand First.

ACT and New Zealand First will each have one Parliamentary Under-Secretary.

The announcement comes 41 days after the election.

The negotiations were the second-longest in New Zealand's MMP history, behind only 1996, when New Zealand First was in a 'kingmaker' position.

Follow the latest with RNZ's live blog:

Incoming Prime Minister Christopher Luxon is speaking at Parliament.

He says he wants to speak directly to the New Zealand people.

"Thank you for your patience and your understanding in the wait for this government to be formed over the last 20 days.

"I think it is a real credit to New Zealanders that we now handle the MMP process with such calmness and maturity. I also want to thank Chris Hipkins and the outgoing caretaker government for all of their assistance during this transition, and also on behalf of the country, I want to thank the public service for so calmy keeping on during this period.

"The new government is looking forward to working with you and to delivering the government's programme and to getting things done for Kiwis."

"I said on election night that we would be a government that would deliver for every new Zealander, regardless of who we are, where we are and whatever our life circumstances are. How we do that has been at the very core of our negotiations.

"The negotiation process has been diligent; it's been focused, and it's been purposeful. Our aim has simply been not to form a government but to form a strong and stable government that gets thing done for Kiwis.

"On election night, New Zealanders voted for change, and they put their trust in us and in return, we trust New Zealanders. We believe in this country, we are ambitious for it and we know that with the right leadership, the right policies and the right direction, together, New Zealanders can make this an even better country.

"I am here with ACT leader David Seymour and also New Zealand First leader Winston Peters and I want to publicly thank both of them for the way in which our negotiations were conducted so professionally and with goodwill and with good faith on all sides.

"What we have achieved together, I think, is historic. Because it is in fact the very first time in New Zealand's MMP history that we have had a three-party coalition government with all parties represented in Cabinet."

Luxon says ACT and New Zealand First have agreed to support the major elements of National's "extensive policy programme".

"Both coalition documents provide for the two parties to support the commitments we made in our 100-day plan and our 100-point economic plan and our tax and our fiscal plans, with some adjustments to some of those policies.

"The National and ACT coalition agreement provides that the government will progress a range of ACT initiatives and that these will in fact be supported by New Zealand First. Equally, the National and New Zealand First agreement outlines a range of New Zealand First priorities which will be supported by ACT. That result is a true three-party coalition government with a strong Parliamentary majority and a comprehensive police programme for the next three years that will get New Zealand back on track.

"We are now ready to go to work for New Zealand and for all New Zealanders. Our government will rebuild the economy to ease the cost of living and to deliver tax relief and to increase the prosperity of all New Zealanders. Our government will restore law and order and personal responsibility so that Kiwis are safer in their own communities.

"Our government will deliver better public services so they are more efficient, more effective and more responsive to the Kiwis who need them. Our government will strengthen democracy."

"We know that a very comprehensive and ambitious programme to deliver these goals so let me just touch on a couple of points for you.

"Overwhelmingly, New Zealanders' primary concern is the high cost of living and a change in government alone doesn't make life easier. However, the things that we do will make the difference. One of those is tax relief, because the coalition parties believe people should be rewarded for their effort. Hard working Kiwis should keep more of what they earn, and our government will deliver on that promise.

"The coalition parties had adopted ACT's policy to speed up the rate in which interest destructibility for rental properties is restored and the tax package will continue to be funded through a combination of spending reprioritisation and additional revenue measures.

"However, as part of National's agreement with New Zealand First, the proposed foreign buyer tax will no longer go ahead."

"The government will treat taxpayer's money with respect, and we will be disciplined on our spending," Luxon says.

"To help deliver modern, reliable infrastructure, we will establish a national infrastructure agency to improve funding, procurement and delivery. We will begin work on 13 new roads of national significance and four major public transport upgrades. The government will progress the regional infrastructure fund proposed by New Zealand First with $1.2 billion capital funding for regional infrastructure.

"The government will adopt ACT's policy to establish a new agency, to remove red tape and assess the quality of new and existing regulation. That agency will be funded by disestablishing the productivity commission."

"The Reserve Bank Act will be amended to focus monetary policy on price stability.

"Now, New Zealanders also expect our government to better deliver against countering crime and delivering justice. Legislation to bring in National's backing police, tackling gangs policy will be introduced in the first 100 days."

"Parties have agreed with ACT to rewrite the Arms Act to provide for greater protection of public safety and to simply regulation and regulatory requirements.

"We've agreed with New Zealand First to train no fewer than 500 new frontline police over the next two years. All of us have agreed on revisiting the Sentencing Act to ensure there are appropriate consequences for offenders.

"Part of treating taxpayer's money with respect is ensuring that New Zealanders get better value from government spending. We should all feel confident that the money is being well spent and that, for example, kids are getting a good education at schools and that the health system is effective and responsive.

"We'll ensure that by setting targets like shorter wait times in hospitals and waitlists and holding ourselves accountable for delivering them. Whether you are old or young, regardless of your ethnicity, if you live in central Auckland or the deepest south, our government is going to deliver for you.

"The government's commitment to lifting education attainment means that every class will be taught an hour of maths, reading and writing each and every day. Coalition parties agree that beyond 2025, the first years of fees free for tertiary study will in fact be replaced by offering the final years of study fees free.
The parties accept ACT's policy to reintroduce partnership schools and to allow state schools to become partnership schools and accept New Zealand First's policy to refocus the school curriculum on academic achievement and teaching the basics, not pure ideology.

"There are so many more things I could mention but I wanted to give you a flavour of how our policy agreements come to life."

Turning to structure of the government, Luxon says:

 "I will be the prime minister, Mr Peters will be deputy prime minister for the first half of the term, and Mr Seymour will be for the second half.

"In addition, Mr Peters will be minister for foreign affairs, and Mr Seymour will be minister for regulation.

"Our Cabinet will have 20 ministers, 14 from National and three each from ACT and New Zealand First.

"There will be eight ministers outside of Cabinet, five from National, two from ACT and one from New Zealand First."

"ACT and New Zealand First will each have one Parliamentary under-secretary.

"I have to say, I think it's a very strong team. We have first time ministers and I want to congratulate each and every person on their appointment to the ministry.

"Suffice to say, I am incredibly pleased to confirm that Nicola Willis will be minister of finance and minister for public service.

"Brooke Van Velden will be minister for workplace relations and safety, and Shane Jones will be minister for regional development.

"National will be nominating Gerry Brownlee as Parliament Speaker."