Winston Peters on why he chose a Labour-led government

In his explanation of why New Zealand First went with Labour over National, Winston Peters said the agreement reached in talks was a summation of policies that survived negotiations.

He went on: "As the song says, You can't always get what you want."

"Our negotiations have taken place against a backdrop of changing international and internal economic circumstances which we cannot ignore."

Those in New Zealand First believed that an economic correction, or a slowdown, was looming, and that the first signs were already apparent, he said.

The signs were:

• In the housing market slowdown

• In Reserve Bank and trading banks nervousness

• In the cessation of hot money into our economy

• In property ownership concerns

• In receding consumer optimism, and

• In ebbing retailer confidence.

"There were great risks in whatever decision we made and despite our having had no influence on these risks, some will attempt to heap the blame on us.

"That those blame caricatures are both spurious and misplaced wont stop attempts to mis-describe the cause of events.

"Thats why we are putting this scenario out front, right now, so that such attempts will fail.

"Awareness of looming consensus has affected our decision.

"Our choice today relates to how best we mitigate, not worsen, their impact on as many New Zealanders as possible.

"As a party, New Zealand First believes it has secured major policies to advance New Zealand economically and socially.

"Big or small, all of these policies are important.

"When we construct the formal agreement summating those matters we have negotiated, these policies will be published.

"It is not my privilege or responsibility to summarise them today," Peters said.

Far too many New Zealanders have come to view todays capitalism not as their friend, but as their foe.

And they are not all wrong.

That is why we believe that capitalism must regain its responsible, its human, face. That perception has influenced our negotiations.

Weve had to make a choice, whether it was with either National or Labour, for a modified status quo, or for change. In our negotiations, both National and Labour were presented with that opportunity.

"Working together, co-operating together, for New Zealand."

"We choose a coalition government of New Zealand First with Labour."