Prime Minister John Key has announced his shock resignation today.
Key will resign as Prime Minister of New Zealand and leader of the National Party next week.
He made the announcement days after celebrating eight years as Prime Minister and a decade as leader of the National Party.
A special caucus meeting will be held on December 12 to choose a new leader, and Key will officially tender his resignation as the leader to Governor-General Dame Patsy Reddy later that day.
Key said he made the decision in September and told only his deputy Bill English, who he will back as his replacement should he put his name forward at next Monday's meeting.
"Simply put, it has been for me the most remarkable, satisfying and exciting time of my life," he said.
"It has been an enormous privilege to be Prime Minister of New Zealand, and these last eight years have been an incredible experience. But, despite the amazing career I've had in politics, I've never seen myself as a career politician."
Key said he was choosing to stand down because he wasn't able to look the public in the eye through an election campaign and commit to serving a full fourth term.
"More than anything else in my time here, I have tried to be straight and true with New Zealanders. This has been the hardest decision I have ever made and I do not know what I will do next. But for me, this feels the right time to go.
"It leaves the Cabinet and caucus plenty of time to settle in with a new Prime Minister before heading into an election year with a proud record of strong economic management."
Key said he would leave the office forever grateful for the public support and for that of his family, who sacrificed a lot for his career.
A decade in the spotlight meant many nights alone for his wife Bronagh and an "extraordinary level of intrusion and pressure" for his children Stephie and Max.
"Bronagh has made a significant sacrifice during my time in politics, and now is the right time for me to take a step back in my career and spend more time at home," said Key.
He suggested next Monday's caucus meeting could be a contest for both the Prime Minister and Deputy Prime Minister positions, with English seeking the leadership.
"I've worked with Bill for 10 years, we've been an amazing leadership team, we've had a great working relationship and to me, it would feel a bit odd if I wasn't backing the guy I stood alongside for a decade," he said.
"If I didn't think he was right to be Prime Minister then I shouldn't have thought he was right to be the deputy, and I do."
His career highlights have included supporting Christchurch through the rebuild, overhauling justice agencies, trade liberalisation and advancing race relations.
As for regrets, he said he wished the flag referendum had succeeded and while he's disappointed the Trans-Pacific Partnership and Kermadec Ocean Sanctuary deals weren't completed says there is still time.
Key will continue as the MP for Helensville until next year, stepping down closer to the next election to avoid the cost of a by-election.
POLITICAL PARTIES ACKNOWLEDGE OUTGOING PRIME MINISTER
Political party leaders have acknowledged John Key's eight years of commitment to the job of Prime Minister following his resignation today.
Leader of the Opposition and Labour Party leader Andrew Little respects Key's decision to resign from the role as Prime Minister and said Key should proud of his achievements.
"The Prime Minister has served New Zealand through times of considerable global instability, and will leave politics proud of his achievements," said Little.
"Although we may have had our policy differences over the years, I respect the Prime Minister's decision to stand down.
"I can empathise with his reasons. Politics requires much sacrifice. We may all be politicians, but not all our lives are politics.
"I wish him and his family the best for the future," he said.
The Green and ACT parties thanked Key for his eight years service as Prime Minister.
"On behalf of [co-leader] Metiria [Turei], the Green Party MPs and the party, I would like to thank John Key for his eight years of service as Prime Minister," said Green Party co-leader James Shaw.
ACT Party leader David Seymour said Key will be remembered for his policies implemented while in government.
"Under John's leadership, the government has steadfastly maintained New Zealand's policy settings. As a result, we remain at the top of almost every international league table for good policy settings. In the long term, all Prime Ministers are judged for the policies they leave behind, and John will be judged well," he said.
Shaw said you have to respect Key for the effort he put into being Prime Minister.
"No matter your political allegiance, you have to respect someone who chooses to make the personal sacrifices required to be our country's Prime Minister," he said.
Shaw said being the leader of the country is not an easy job and Key "should be applauded for his commitment to public service and to New Zealand".
Both parties gave their warm regards to Key and his family for the future.
The Maori Party have said they will always be grateful to Key for being accepting of Maori policies in government.
"It has been under the leadership of John Key that the Maori Party has been able to secure gains for Maori and advance kaupapa Maori over the past eight years," said Maori Party co-leader Te Ururoa Flavell.
"We may not have agreed on everything but we've always maintained a respectful relationship with the Prime Minister and he with us," said Flavell.
Maori Party co-leader Marama Fox agreed with Flavell.
"We've had some tough talks on many issues but at the end of the day, respect for each other prevailed and that's why he has always seen us as a party that governments can work with," said Fox.
PETERS: ECONOMY ISSUES THE REASON FOR KEY'S RESIGNATION
New Zealand First leader Winston Peters has claimed the reasons given by Prime Minister John Key's for his resignation cannot be credible.
"The fact is that the economy is not in the healthy state that the Prime Minister has for so long claimed, and there are other issues which have caused this decision as well," said Peters. "The New Zealand public should have been informed of this a long time ago."
"Contrary to certain perceptions the Prime Minister and his Finance Minister are unable to muddy the waters anymore," he said.
Source: NZ Newswire
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