The latest opinion poll is the second to show New Zealand First leader Winston Peters in the kingmaker's role and Labour's support waning.
Last night's 3 News-TNS poll of 1000 voters put National on 36 per cent support, up 2 points on April, and Labour down 5 to 40 per cent.
NZ First shot up 3 to 11 per cent, its highest level in TV3's poll since the 2002 election.
Using the poll results, National would have 45 MPs and NZ First 14, making a centre-right coalition government viable.
On the centre-left, Labour would have 49 seats and the Progressives one. Labour's options would be a messier combination involving United Future (two seats), the Greens (seven) and possibly the Maori Party.
The poll confirmed the trend of this month's NBR-Phillips Fox poll, which showed National overtaking Labour by 1 point, with NZ First up 3 to 12 per cent support.
Labour's slump in polling follows last month's poorly received Budget, which delivered a small rise in tax thresholds in three years' time.
The TV3 poll also showed Mr Peters up 3 to 15 per cent in the preferred Prime Minister stakes, just behind National leader Don Brash, who was up 1 to 16 per cent. Prime Minister Helen Clark was down 3 to 33 per cent.
Mr Peters could not be contacted last night but told 3 News he had no desire to be "queenmaker, kingmaker or anything else".
The poll also asked voters which coalition option would be more workable. Forty-six per cent said a National-NZ First coalition, but just 25 per cent said Labour-NZ First. The rest said neither or they did not know.
Dr Brash's spokesman said the closure in the gap between National and Labour was yet another sign the election would be a two-horse race.
Helen Clark's spokesman said the polls would continue moving round and she was comfortable that Labour had a good platform to campaign on.
"Labour has been dealing with some very difficult issues, and we will continue to point out that this election is a clear choice between those wanting tax cuts and those who want to invest more in health, education and targeting assistance to those most in need."
The poll showed the Greens recovering to 6 per cent from 3.8. TVNZ will broadcast its latest poll on Sunday.
New survey casts Peters in kingmaker role again
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