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New Zealand's new lawmakers start to arrive at parliament as government remains in limbo
Official results are due Nov. 27 as the National-led bloc holds a one-seat edge and coalition talks wait on nearly 400,000 uncounted votes.
Dozens of newly elected lawmakers arrive at New Zealand's parliament in Wellington this week, even as the country faces a weeks-long wait to determine the next government after a razor-thin election result.
Preliminary results gave Prime Minister Christopher Luxon's National Party, ACT New Zealand, and New Zealand First 67 seats, exceeding the 66 required for a majority. Almost 400,000 votes, or nearly 15%, remain uncounted until Nov 27.
Crossing the 5% threshold to enter parliament, the Opportunity Party could become pivotal in coalition talks. Opportunity leader Qiulae Wong said her caucus is meeting in Wellington as she receives calls from Labour's Chris Hipkins and Green Party's Chloe Swarbrick.
MARKETS remain on watch as investors monitor political uncertainty, particularly regarding fiscal policy and the New Zealand dollar, according to Westpac Bank economist Kelly Eckhold. New Zealand Finance Minister Nicola Willis lost her seat on Saturday, leaving the finance minister role unclear.
Prime Minister Christopher Luxon said he would call Wong "shortly" to discuss coalition possibilities. Both Luxon and Labour leader Chris Hipkins have stated they will wait for final results before entering formal negotiations.
Only one seat separates the camp from Prime Minister Luxon from the majority. However, smaller parties and uncounted votes could turn the formation of government upside down.