“We had a choice to make… for a modified status quo or for change,” brand new Zealand First leader Winston Peters told reporters in Wellington, in announcing his party’s support for Labour.
“that will’s why from the end we chose a coalition government of brand new Zealand First with the brand new Zealand Labour Party,” said Peters, ending nearly a month of political uncertainty.
brand new Zealand First holds the balance of power with nine seats, a Labour-Green bloc controls 54 seats, along with the National Party 56 seats.
The brand new Zealand dollar has fallen around 3.8 percent against the U.S. dollar since the vote along with following the announcement was last quoted at 1.31 percent lower at $0.7060.
While Peters said brand new policy announcements would likely be up to Labour leader Ardern, he gave a sense of what was to come by saying he would likely look to redraft the Reserve Bank of brand new Zealand’s central bank mandate along with expected fewer immigrants to be allowed into brand new Zealand. Peters also said he had agreed with Labour to build tens of thousands of affordable homes.
Labour along with brand new Zealand First favor greater restrictions on migration along with trade – both of which have been key sources of brand new Zealand’s robust growth of recent years.