Prime Minister designate Jacinda Ardern wants to lead "a country we can all be proud of".

Prime Minister designate Jacinda Ardern appears to be indicating that big cuts to immigration are on the way and that farmers won't face a charge for water.

She is also preparing the country for a deteriorating economy under the new Labour-NZ First government. She said the country would learn the new government's policy early next week.

Speaking to Newshub, she said the immigration policy Labour took to the election would continue. Under that policy Labour estimates net migration will fall by 20,000-30,000 a year. In the year to August net migration was 72,100.

Hagen Hopkins Jacinda Ardern: You cannot take these moments in time and view them with political expediency.

Ardern seemed to indicate the proposed water tax for farmers was off the table.

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She acknowledged NZ First leader Winston Peters had campaigned "very firmly" against such a tax. "I campaigned on water quality. I'm still sticking to the goal of improving our waterways." There was consensus on how that could be done.

Ardern also seemed to be joining Peters in trying to absolve the new government of economic difficulties ahead.

Certainly there were signs of an economic slowdown, Ardern said.

"It was only fair of Mr Peters to reflect what might be on the horizon for this new Labour-led government, to make sure that people have some anticipation that we will potentially have a rocky road in front of us."

It was the government's job to manage the economy if it was affected by the international outlook, but the government couldn't always control what it faced.

On Newstalk ZB, Ardern was asked whether she might have been better off spending the next three years in opposition, rather than going into government with NZ First, which could have given Labour a good chance of a strong result in 2020.

"You cannot take these moments in time and view them with political expediency," she said.

"The decision we were making was not about what was the best political opportunity for Labour in the long term but what presented us with the greatest opportunity to deliver change for New Zealand and the New Zealanders who need us to deliver change."

Speaking on Breakfast on Friday morning, Ardern said the victory was going to take some time to sink it. She would likely reflect on the result over Christmas.

"I know that was an extraordinary decision that NZ First had to make ... I did not envy them having to make that decision," Ardern said.

"Throughout the negotiations I certainly had a sense that there was more that united us than divided us."

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