Following National's election win Helen Clark conceded defeat and announced that she will be standing down as Labour leader.
Clark said she is proud to have led Labour into government at the last three elections.
"I came into politics with only one objective and that was to serve the people of New Zealand through the New Zealand Labour Party."
She congratulated John Key and National but warned him Labour would not be going away.
She said New Zealanders are lucky to live in a democracy where people have the right to choose who will govern.
"I accept the choice the people have made and accept responsibility," she told party faithful.
She says she will be looking back on her time in government with pride. While gracious in acceptance of the Labour defeat she did get one parting shot in at the new government.
"I do hope that all that we have put in place doesn't go up in flames on a bonfire created by the right wing of politics."
Clark has led Labour for 15 years and has been Prime Minister for nine years and the announcement she was standing aside as leader was a surprise to Party president Mike Williams.
"It's a bit of a bombshell, I wish she hadn't have stood down
... I didn't know she was going to say that," Williams told Mark
Sainsbury directly after the announcement.
