Winston Peters wears TGIF tie and says Monday's the day

New Zealand First's policy talks with National and Labour have wrapped up.

NZ First leader Winston Peters will lead a meeting with NZ First MPs on Friday, during which portfolio options will be discussed.

Mr Peters couldn't confirm when the NZ First board would meet to come to a decision, but has pushed out the deadline for letting the public know the next Government until possibly the end of next week.

"As soon as I know what's happening with a tangi a board member has got to go to - there's no way around it - we'll know," Mr Peters told reporters.

"Having to explain to people every day that you can't say anything is a bit difficult; a bit embarrassing, if I must say so."

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2:10pm - Winston Peters wearing TGIF tie takes weekend off

Winston Peters says the NZ First board will meet on Monday. He said it could go into the night and a decision will be made public soon afterward.

Winston Peters wears TGIF tie and says Monday's the day
Photo credit: Newshub. / RNZ / Sarah Robson

'TGIF', the letters emblazoned all over his tie, means 'thank God it's Friday.'

His press secretary says someone sent him the tie.

When asked when the public could expect to find out NZ First's decision, Mr Peters said it would be much sooner than the end of next week.

But he said he would "hesitate to give you an answer on that question because it's extraordinarily difficult to meet timelines, particularly on this matter."

9:00am - Peters may opt for cross-benches 

He could be at the centre of politics for the next three years if he positions himself rightly in these negotiations, Newshub political editor Patrick Gower said on The AM Show.

Gower said Labour and National will be keen to get Mr Peters to agree to a coalition Government, otherwise they will need to go cap-in-hand to Mr Peters in order to get legislation passed.

"If they don't have him in a full coalition deal, they are going to have to go to him cap-in-hand for everything…it would make him more powerful than some Cabinet ministers," Gower said.

8:30am - Politicians defend Peters 

The deputy leaders of Labour and National have both defended the time taken by Mr Peters to reach a consensus on forming the next Government.

"I don't think it is proper to rush things just because of some deadline set a couple of weeks back," said Labour deputy leader Kelvin Davis. 

"I've got no complaints. It's the way it is."

"I think a couple of weeks is probably alright," said National deputy leader Paula Bennett.

Both deputy leaders took part in the discussions with Mr Peters and said policy has been the sole focus of the talks.