Cabinet is deciding today whether to mark the Queen's death with a public holiday, likely coinciding with a memorial service, after taking the formal steps of acknowledging King Charles as the new King.
But a leading New Zealand business group says it is opposed to a public holiday.
King Charles has announced the day of the Queen's funeral – September 19 – would be a bank holiday in the UK and other countries have since followed suit, including Australia, which will have a public holiday on September 22.
The Prime Minister has said a memorial service will be held in New Zealand at some point after the funeral in the UK - and Cabinet will turn its mind to setting the date when it meets today, as well as whether to have a public holiday.
New Zealand has already added an extra public holiday this year - the special Matariki holiday weekend in June. Among Cabinet's considerations may be any approaches the Government has had from employers, including retailers, who will face extra costs.
BusinessNZ says it does not support a public holiday. Chief executive Kirk Hope told Morning Report the government had to be careful in making a call that would impose new costs on local business, even if it was just for this year.
Businesses had already suffered losses from the pandemic, he said.
Even a half-day public holiday would still be costly for businesses, he said. "We prefer not to have that."
He said there might be some businesses who voluntarily choose to close to observe the day of the memorial service. "That's their choice, right? As opposed to having it imposed on them."
The decision will be part of a full Cabinet agenda, in which it will also decide whether to drop the traffic light system for Covid-19.
Speaking to Newstalk ZB's Mike Hosking this morning, Deputy Prime Minister Grant Robertson said New Zealanders would know today if there would be a public holiday.
"[With an] event of this significance, it immediately comes to mind.
"In our system, obviously it's the Cabinet that makes the decision and our meeting is today, so we will discuss that.
"Clearly there are different views out there in the community about this but this is a significant occasion. It is not a foregone conclusion because the Cabinet has not made a decision yet.
"We have also got other decisions on our agenda today like when we will be holding our memorial service. There are a lot of protocols and logistics around all of that so we will be looking at both of those issues together."
Yesterday hundreds of people turned up to Parliament for an event not seen in 70 years - the reading of the Proclamation of Accession to formalise the change of a monarch and mark King Charles III as the new king of New Zealand.
And in the UK, tens of thousands of people - many of them in tears - have lined streets overnight as the Queen makes her final journey. Her body has arrived in Edinburgh from Balmoral - before she is taken to London ahead of her state funeral next Monday.
Governor-General Dame Cindy Kiro said it was a moment of "deep and historic significance" for New Zealand and it would be her honour to serve as King Charles' representative.
"Through periods of immense hardship and change, Queen Elizabeth remained a pillar of true dignity and strength, a model for living life in the service of others."
"I know that King Charles shares his late mother's abiding sense of duty and love for the realm and people of New Zealand."
Prime Minister Jacinda Ardern said it was a "time of change" given the Queen was the only monarch most New Zealanders had ever known.
Ardern said the Queen had a close bond with New Zealand "but it is a bond and affection that spans across her entire family. King Charles has long had an affection for Aotearoa New Zealand and has consistently demonstrated his deep care for our nation."
Ardern and Kiro are expected to travel to London later in the week to attend the Queen's funeral next Monday.
The Prime Minister is likely to then go straight to New York, where she is attending the UN General Assembly next week.
Ardern has also now spoken to new British Prime Minister Liz Truss – a statement after the phone call said Ardern had congratulated her on becoming Prime Minister and it was a difficult time to be leading Britain through the grief of the loss of the Queen.
The Proclamation ceremony was the first opportunity for the public to gather for an event associated with the death of the only monarch most New Zealanders have ever known: Queen Elizabeth.
New Zealand is one of 14 countries other than Britain which still has the monarch as its head of state.
Some of those there had gone to witness history being made, but also wondered if this would be the last such a ceremony was held as the debate over a republic looms.
Afterwards, university student Harry Peterson said he wanted to watch history.
"It's been quite a sad last few days but it's good today to mark His Majesty the King as Sovereign of New Zealand. It's really quite nice."
"I'm not a monarchist, I'm a republican. But I really respect the institutions of this country and I think the Queen was a fantastic woman to Aotearoa, so I thought I would pay my respects. It will be interesting to see in the coming months and years how that debate changes with the passing of Elizabeth."
Margaret Findlay said she had gone to mark the Queen's death and to bring her grand-daughter Scarlett to see a moment in history and a "new chapter" begin.
"It's the end of an era, and I wanted my grandchildren to come and see history in New Zealand and see King Charles III come to the throne. A special day."
She said she would like to see the monarchy stay "but we also need to acknowledge how New Zealand is evolving now."
A ceremony not seen in 70 years:
There were no Beefeater hats or hip-hip hoorays as there had been when the Proclamation was read out in London the day before.
But there was some pomp and ceremony: trumpeters on Parliament's balcony, a gun salute which echoed around Wellington on a still day, and the pealing of church bells from the nearby St Paul's Cathedral after it ended.
There were also New Zealand twists: a karakia after the national anthem, the stage bordered with native plants and a te reo Māori version of the Proclamation was also read out.
Those who turned up to witness the moment included former prime ministers Sir Jim Bolger and Sir Geoffrey Palmer, and former governors general Sir Jerry Mateparae and Sir Anand Satyanand.
There was also Prime Minister Jacinda Ardern's daughter Neve, and even Benji, a corgi – the dog most associated with the Queen.
Benji's excitement at the occasion was such that he barked as the official party came down the steps, and had to be quieted.
After the ceremony, Neve joined her parents at the bottom of Parliament's steps and walked up with them. Governor-General Dame Cindy Kiro chatted with her once inside, and gave her a Governor-General's pin to put on her dress to remember the occasion.
Opposition leader Christopher Luxon was included in the official party for the event and a vast array of public service heads and diplomats turned up – including Police Commissioner Andrew Coster, the chief of the Defence Force Kevin Shortt, Foreign Affairs head Chris Seed and the head of the NZ SIS Rebecca Kitteridge.
MPs and ministers were all wearing black – the colour of mourning – to mark the death of the Queen. Cabinet ministers had also been provided with black face masks.