New Zealand PM John Key wins second term

Prime Minister John Key claimed victory for his centre-right National Party in the New Zealand election Saturday and said he has immediately begun talking with likely coalition partners. \"What I can tell you is for another three years there will be a national-led government in New Zealand,\" he told cheering supporters at a party gathering. \"It\'s a fabulous night to be the leader of the National Party.\" The election followed a turbulent 12 months for New Zealand, which was rocked by February\'s Christchurch earthquake, in which 181 people died, and buoyed by last month\'s victory in the Rugby World Cup. Key, 50, won plaudits for his leadership through the quake, as well as a colliery explosion in which 29 miners died, and much of National\'s campaign was based around his personal popularity. \"In the worst of times you see the very best of New Zealanders and I\'m proud to be prime minister of this great country,\" the former investment banker said. The main opposition Labour Party secured only 27 percent of the vote, its worst result since New Zealand adopted a proportional voting system in 1996.  Labour leader Phil Goff said he accepted the electorate\'s decision but his party would hold the government to account and rebuild for the next election. \"It might not be our time this time, but our time will come again and we will be ready to take New Zealand forward,\" he said, refusing to say if he would stay on as leader. \"We\'re a bit bloodied but we\'re not defeated.\" However former Labour Party president Mike Williams: \"It\'s an an unmitigated disaster.\" The National Party won 60 seats and likely coalition partners ACT and United Future one each, according to official results released by the New Zealand Electoral Commission. This would give Key one more seat than the 61 required to rule under New Zealand\'s proportional representation parliamentary system. Key said he would also be in talks with the Maori Party, who won three seats, to secure their support. Key has pledged to partially privatise state assets, including power companies, during his second term, as well as tightening welfare benefits and cutting public sector jobs in a bid to reduce debt in the struggling economy.