New Zealand First has chosen to enter a coalition with the Labour Party, with the Green Party on confidence and supply, Winston Peters says.

Check out a recap of how we got here, find out what you need to know, and look back on RNZ's live coverage

Watch Mr Peters announce the change of government:

"Our choice today relates to how best we mitigate, not worsen, the effects on New Zealanders," Mr Peters said in his opening remarks before he had the announcement.

"Far too many New Zealanders have come today to view today's capitalism not as their friend but as their foe, and I have to say they are not all wrong.

"This is a decision made by New Zealand First and it's their decision, not that of their leader.

"Our perception was that the majority of people in this country did want change. We have responded to that.

"In the end we chose a coalition government of New Zealand First and the New Zealand Labour Party."

He said there was enough agreement in the party's board and caucus for him to be confident that there was a consensus.

A specific role for himself had yet to be decided, he said.

"If I choose to be the deputy Prime Minister then that was made clear to me, and if I choose to take portfolios then that will be discussed with the Prime Minister and that's all I want to say."

He said the New Zealand First's with the Labour government would be different to the Greens.

"They've got a confidence and supply agreement with the Labour Party, we've got a coalition agreement."

Regional development would be key to addressing the infrastructure deficit, Mr Peters said.

When asked about other specific policy, he replied those questions would be answered by the Prime Minister.