Peters will become Deputy Prime Minister for the first 18 months before Seymour takes over for the remainder of the parliamentary term.
The role split was one of the last compromises reached in the talks to cut the coalition deal, which resulted in the first three-party coalition under MMP.
The 20-strong Cabinet will include three New Zealand First ministers and three Act Ministers.
All three parties also have ministers outside Cabinet.
A preview of the proposal - which will go to an Auckland Council budget workshop this week - endeavours to implement ‘significant financial restraint’ on the city.
It includes a raft of cost-cutting measures including likely council job losses, scrapped cycle lanes and defunding earthquake strengthening and road renewals.
A statement from the mayor’s office says rates will need to increase as Auckland Council plays ‘catch-up’ on previous decisions.
Israel’s military has just confirmed another 17 hostages have been released to the Red Cross and the US has indicated an American-Israeli would be part of the deal, for the first time.
CNN is reporting that hostage is a 4-year-old girl.