Left-wing commentator Chris Trotter: Ardern has lost - and she knows it

Labour leader Jacinda knows she's lost and has about a 25 per cent chance of forming a government, according to a left-wing backer.

Historian and left leaning political commentator Chris Trotter told the AM Show this morning he believed there was only a small chance of Labour forming a government and said Ardern knew that by looking at the figures.

"She knows she's lost - 35, 36 [per cent] is not enough," he said. "Maybe the specials will bump them up to 37, maybe even 38..."

Trotter conceded Labour and Greens could gain seats once the remaining 15 per cent of special votes were counted - but questioned whether it would be enough.

"Well there's 15 per cent of the vote and most of those will be students who piled into the booths in the last couple of days I would say, and you know the Greens and Labour are going to get a good share of that. But whether it's enough to materially change things I don't know."

Trotter told the AM Show's panel that Labour had made a "remarkable recovery" from a "catastrophic base". He had previously spoken out about Ardern rolling Andrew Little as leader before he resigned on his own back.

Trotter added that in the past Peters has rejected offers to form a government with three parties because he thought it was too many. Peters also has a history of backing the party who had the most votes.

But he still did not think it was enough to go against the "powerful" 46 per cent of people who voted for National.

"Look at who you would be denying if you went with Labour and the Greens assuming you are Winston. Because these just aren't any 46 per cent these are the most powerful people in the country.

"These are the people who owns things, the people who run things, the people who say things and expect people to do things and pretty damn quickly. To take 46 per cent and say sorry were going to ignore you - that's a pretty big thing to do."