Prime Minister elect John Key has announced the formation of a National-led centre-right government.

At a joint press conference with ACT leader Rodney Hide today, Mr Key announced he had formally signed up Act's support.

Click here for the full agreement

This afternoon, Mr Key and Maori Party leaders Tariana Turia and Pita Sharples also announced the terms of their support agreement.

Click here for the full agreement

Mr Key said United Future had also agreed to back National, giving his government 70 votes on confidence and supply issues in the incoming 122-member Parliament.

He said he had phoned Governor-General Anand Satyanand this morning to formally tell him he had the numbers to form a government.

Mr Key's formal inking of the deals paves the way for him to announce his Cabinet tomorrow afternoon and for him and his ministers to be sworn in on Wednesday.

That will allow Mr Key to fly out on Thursday to the Apec summit in Peru as New Zealand's new Prime Minister.

Parliament will be recalled to sit on December 8 for two weeks.

Under this afternoon's Maori Party agreement, Dr Sharples will become Maori Affairs Minister as well as as Associate Education Minister and Associate Corrections Minister.

Mrs Turia will be Minister for the Community and Voluntary Sector, Associate Health Minister and Associate Social Development Minister.

Both party leaders' posts are outside of Cabinet with the right to dissent on other policy issues outside portfolio areas.

National has also agreed not to remove the Maori seats without the consent of Maori and to a review of the Foreshore and Seabed Act.

Mr Key said National and Act's agreement was based on the common goals of reining in government spending and boosting economic growth.

It includes ministerial roles outside Cabinet for Mr Hide and deputy Heather Roy as well as policy concessions.

Mr Hide will be appointed Minister of Local Government, Minister for Regulatory Reform and Associate Minister of Commerce.

Mrs Roy will be Minister of Consumer Affairs and Associate Minister of Defence and Education.