The Opportunities Party (TOP) founded by Gareth Morgan will not contest the next election and its board has asked the Electoral Commission to cancel its registration as a political party.
The party was formed in 2016 and polled 2.4 per cent at last year's election.
Morgan said he was proud of the policy manifesto and was the strongest on offer to improve incomes, business productivity, social fairness and environmental sustainability.
But voters had demonstrated that best practice, evidence-informed policy was not of significant concerns when deciding elections, he said, citing Labour's surge in support after Jacinda Ardern took over the leadership.
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"When 20 per cent of the vote moves in 48 hours simply on the back of a change of leader, with no improvement at all in policy being offered, what makes the New Zealand voter tick is clear," he said.
"TOP was formed to improve the policy options on offer. Too few voters supported our policies. That's reality and we accept that.
"With no inclination to compromise policy for political ambition, or to de-emphasise best practice policy for the promotion of whatever else attracts people's votes, it's pretty obvious what the appropriate course of action for this party should be."
He thanked all those who had been involved with TOP and more than 60,000 who had voted for the party.