KEY POINTS:
New Zealand has a new prime minister.
At 11.08am John Key signed his warrant of office and seven minutes later he was taking the oath of office. Mr Key is New Zealand's 38th prime minister and at the age of 47 is one of the youngest.
The ceremony was presided over by Governor General Anand Satyanand and was watched over by the 28 new ministers' friends and families.
There was silence in the audience until the Maori Party colleagues of ministers Pita Sharples and Tariana Turia burst into song, as the co-leaders entered the Grand Hall at Parliament.
Mr Key was for the first time called Prime Minister when he was asked to sign his affirmations of office.
The new Cabinet will hold its first meeting this afternoon with Mr Key indicating he will warn his new ministers there is little money for new spending.
He said yesterday he would emphasise that the government's books and the wider economy were in a parlous state.
Earlier this morning, Labour's Helen Clark resigned her government's ministerial warrants.
A spokesman for Helen Clark said she had formally resigned her ministers' warrants at Government House today.
As she left for Government House this morning she was farewelled by about 200 supporters and former staff on the steps of Parliament House.
- NZPA and NEWSTALK ZB
