Jacinda Ardern says the coalition agreement with New Zealand First will come to the rescue of neglected regions - and is a "huge step change in the future of the New Zealand Government".
Ardern and NZ First leader Winston Peters signed the agreement in Parliament's legislative chamber, before standing side-by-side to take media questions.
"Today represents a huge step change in the future of the New Zealand Government. Today we have established the beginnings of a strong, proactive Government," Ardern said.
"We have prioritised regional economic development and job creation for New Zealanders. There has been a period of neglect in the last nine years for our regions.
"New Zealand First has brought enormous advocacy at the negotiating table to make sure we see the beginnings of the reinvestment that is needed."
"You will see a reduction in inequalities... around investing in health, investing in education and significant increases in the minimum wage.
"And, finally, you will see real progress on environmental issues. Particularly water quality and climate change."
The agreement released lists policies that will be acted upon but lacks detail. Ardern said some policies had yet to be fully costed, although she pledged the agreement would meet her party's budget responsibility rules.
"We want to make sure we go through the process of precisely costing each policy. We, from opposition at the time of negotiation, have been able to put numbers on most of these policies.
"But we want to make sure before we put out numbers that they are robust. And we will be using the state sector and civil service to do that."
The parties have agreed to increase the minimum wage to $20 per hour by 2020, with the final increase to take effect in April 2021.
Ardern said New Zealand was a low wage economy.
"New Zealanders deserve to have a wage that they can live on. That they can survive on. That they can have a quality of life with."
A $1 billion per year regional development fund will be set-up, including rail investment, commissioning a feasibility study on options for moving the Ports of Auckland to Northport or another site, and the re-establishment of the NZ Forestry Service.
Ardern cited Northland as one region that has suffered neglect, but said, "you would be hard-pressed to find a region that hasn't experienced neglect".
Asked why the agreement didn't include any estimates for how much immigration would be cut, Ardern said Labour's policy stood - estimated by the party to cut net immigration numbers by 20,000 to 30,000.
Ardern said Labour and NZF are both committed to fighting climate change. Asked about the Emissions Trading Scheme (ETS), Ardern said in negotiations NZ First had made clear agriculture would need greater support as the country moved towards its targets.
The compromise between the parties was that the Government would "shoulder more of the burden that agriculture face". Ardern declined to say how long those subsidies would continue.
Both parties agreed to ban foreigners from buying existing homes. Peters said "I got pretty close" to the measures wanted by NZ First.
"The reality is there is going to be a change and a clear signal set internationally that New Zealand is no longer for sale in the way that it has been. And we are happy with that."
The new Government had committed to a review of the Reserve Bank Act, including possibly including employment in the objectives of the Act.
On the Trans-Pacific Partnership trade deal, Ardern said Labour and NZF have a "huge amount of consensus", particularly around being able to ban foreigners from buying existing homes. The Government will seek to renegotiate the deal with that in mind.
Ardern would not say if she would walk away from the deal if that did not happen, saying to do so would undermine the Government's negotiating position.
Lastly, Peters signalled his wish for free trade agreement negotiations with Russia to re-start. Peters said there was a "glorious" trade opportunity in the region.