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My Profile Postcards to the President Messages from citizens around the world Watch Now You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Environment Health Science Special Coverage Video Pictures You Witness The Great Debate Blogs Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters You Witness News Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters New Zealand PM-elect Key starts work on new govt Sat Nov 8, 2008 7:12pm EST Email | Print | Share | Reprints | Single Page [-] Text [+] By James Thornhill WELLINGTON (Reuters) - New Zealand Prime Minister-elect John Key took the first steps to cementing his new center-right government on Sunday after an emphatic election win over the ruling Labour party. Key, a former foreign exchange dealer with only six years political experience, met with senior National Party members to set out the shape and direction of the new government. He pin-pointed the economy, which is in recession and faces further fallout from the global credit crisis, as his major challenge. "Our job as a future government will be to do everything we can to make sure we protect as many jobs as we can here in New Zealand, get New Zealand back on the growth path," he said on Radio NZ. Saturday's poll gave National 45 percent of the vote compared with 34 percent for Labour. That would translate into 59 seats for National in a 122-seat parliament, up from 48 seats in the previous parliament. Labour is likely to have 43 seats, down from 49. Under New Zealand's proportional voting system National was unlikely to gain an outright majority, but was assured of power with the support of the small free-market ACT Party, which won 5 seats, and the one seat of the centrist United Future. New Zealand markets, battered in recent times by the global financial crisis, were seen drawing some comfort from National's decisive win. "The fact that the coalition has a decent majority and a broad mandate to make changes will be seen as a positive," Goldman Sachs JBWere economist Shamubeel Eaqub told Reuters. National's campaign had emphasized Key's background in financial markets, saying he was best suited to navigate New Zealand's economy through troubled waters. CLARK QUITS Prime Minister Helen Clark, leader of Labour since 1993, shocked supporters when she took responsibility for her government's defeat and said she would step down from the top job. "My job as leader of the Labour party is complete, I will be standing down and I will be expecting Labour colleagues to elect a new leader before Christmas," she told supporters. Labour's trade and defense minister, Phil Goff, seen as a potential successor, was non-committal about any leadership ambitions saying he would consult with members. A change of government seemed likely when National took an early and substantial lead in the vote count, and maintained that as returns came in from major urban centers including Auckland, New Zealand's biggest city, and the capital Wellington, which had favored Labour in 2005. Continued... View article on single page Share: Del.icio.us Digg Mixx My Web Facebook LinkedIn Next Article: CNN's Wire Service Details Coming In December; "We Have The Base" Also on Reuters Palin fires back at leaks Slideshow Dressed in chocolate Video Gay marriage ban protests Video New Zealand elects new leader Play Video More Video... 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