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"This is an exciting day. We aspire to be a government for all New Zealanders and one that will seize the opportunity to build a fairer, better New Zealand," she said.
Ardern noted that the deal still required the sign-off by the Greens, whose delegates meet tonight. It requires 75% of delegates' approval to go through.
"The Green Party is now undertaking its internal approval process before we confirm final arrangements to form a Labour-led progressive Government," Ardern said.
"This too has been an excellent process, which I thank James Shaw and his team for."
Ardern says NZ First will hold four Cabinet positions and one Parliamentary undersecretary. and Winston Peters has been offered deputy PM.
Ardern thanked National leader Bill English for his service to the country as prime minister.
“I thank Bill English and acknowledge the service he has given to this country as Prime Minister, and for a hard fought campaign. We both share a commitment to making New Zealand a better place and Bill has left his mark,” Ms Ardern says.
Ardern said negotiations with NZ First had been "courteous, constructive and robust". Throughout, we have focused on our shared values and the policies that can take New Zealand forward.
Government will build a "fairer, better New Zealand", Prime Minister in waiting Jacinda Ardern says.
In a press release Ms Ardern said Labour was pleased to have successfully concluded negotiations with New Zealand First as a critical step to forming a Labour-led progressive Government.
"I thank the New Zealand First Party and Leader Winston Peters for agreeing in principle to a coalition arrangement with Labour.
Both parties were committed to forming a strong and durable government that could deal with the "many challenges this country faces".
“We will work hard to ensure New Zealand is once again a world leader, a country we can all be proud of.
"We said we could do this, we will do this.
Labour deputy leader Kelvin Davis said he was "very happy" that NZ First's wish to hold a binding referendum on the Maori seats would not be happening under the agreement with Labour.
Ms Ardern’s mum Laurell Ardern says she is a very proud mother tonight.
She told John Campbell on Radio New Zealand’s Checkpoint from Niue, where Jacinda’s father Ross Ardern is NZ High Commissioner, that she still “can’t quite believe it’s happened”.
“I’m still coming to terms with it because, you know, she’s just gone from the deputy, and she’s just won the byelection in Mt Albert. Now this has happened. It’s gone very fast,” Laurell Ardern told Campbell.
She said Jacinda was “a very clever lady”.