Fourth National Government (nov 2, 1990 – dec 10, 1999)

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National ruled alone until the 1996 election, which was the first under the MMP electoral system.

In 1996 though National won the most seats, they lacked a majority. Potential coalitions with United and ACT lacked the numbers needed to form a government. Other natural partners, such as the Christian Coalition and the Conservative Party, failed to win any seats. This made New Zealand First, with 17 seats, the 'kingmaker'. The election was held on October 12, 1996 however the government was not formed until December 10.[15]

New Zealand First was founded by Winston Peters, a former National cabinet minister who had been dismissed by Jim Bolger in 1991 after criticising party policy.[16] Prior to the election, he created the impression that he would not join a National-led government, but after months of negotiations with both National and Labour, Peters announced his party would enter into coalition with National. This angered many New Zealand First supporters, who believed they were voting for New Zealand First to help get rid of National. Peters justified his decision on the basis of National winning the most votes, but it is suggested that National was willing to grant more policy concessions than Labour. Peters became Deputy Prime Minister and was also made Treasurer, a newly created position superior to but co-existing with that of Finance Minister.

Source: https://en.wikipedia.org/wiki/Fourth_National_Government_of_New_Zealand

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