Prime Minister elect Christopher Luxon said the new government's first order of business would be to bring down inflation, narrowing the remit of the Reserve Bank Of New Zealand - to focus monetary policy only on price stability.
"I mean really important we don't believe the dual mandate model has worked. We want a single mandate. We think making it very clear to the Reserve Bank that there is a single goal price stability, it gives massive certainty to everybody in the country."
A key sticking point in the discussions was who will take the role of deputy prime minister.
The coalition said the role will be split between the leaders of two parties-- David Seymour, who heads the libertarian ACT party, and Winston Peters from the populist New Zealand First party.
When asked about China's growing influence, Peters, who will also serve as foreign minister, compared the relationship between China and New Zealand to that between New Zealand and Niue, a small island country in the South Pacific:
"Size doesn't matter, respect does. That's all we ask for."
The coalition has said they plan to "re-write the Arms Act" without giving further details, and would undertake a review of the gun registry that was introduced after a gunman killed 51 Muslim worshippers in 2019.
The agreement also lays out a shift in policy towards the country's indigenous Maori people, with plans to roll back the use of the language and review affirmative action policies, a move that outgoing Prime Minister Chris Hipkins said was "going backwards by three or four decades."
The group also plans to roll back a ban on offshore oil and gas drilling, as well as overturn a ban introduced by the previous Labour government on the sale of cigarettes to future generations.
