Mike Hosking and Jacinda Ardern exchanged prank-like Christmas gifts over Zoom on Friday.
Ardern gifted the Newstalk ZB radio host with two Labour election billboards, where Hosking is pictured alongside the Prime Minister.
Hosking roared into laughter as he unwrapped the present.
"You can imagine what life could've been," Ardern said.
"Is this an official pitch? Do you want me on board? Have you seen my magnetism as a vote-getter?" Hosking joked.
Ardern says she likes to think her gift will prove it's worth over time.
"Over time I will indeed learn to love it. I'll put it straight to the pool room," Hosking said.
Ardern then opened a package for herself - a face mask with Hosking's face on it - which she models in the video.
"The question is, will I scare children?" she joked.
Ardern was given four masks, all with different designs featuring Hosking's face or body.
"When I first opened it, I briefly worried it was a g-string," she said, laughing. "And I thought, maybe he's gone too far?"
"Maybe that's for next year," Hosking said.
The radio host posed a challenge to Ardern, asking her to wear one of the masks during her next flight and post a selfie to social media, to see what the "Labour faithful" think of it.
"I think that's an experiment I could join in on," Ardern replied.
Hosking gifted Ardern two gifts, one for herself and one for her 2-year-old daughter, Neve.
Neve was given a soft toy Mickey Mouse with her first name written on the toy's foot.
"You've outdone yourself," Ardern said, after discovering the name.
In 2019, Hosking gifted Neve a small vacuum cleaner with his face on it, which Ardern says she still uses to this day.
Before the pair exchanged gifts, Hosking told NZ Herald that despite their heated debates on air, the pair "always get on".
"People misunderstand my relationship with the Prime Minister. I like her a lot, and I think she has a grudging respect for me as well.
"It's our work. It's what we do. There's nothing personal in it," he told NZ Herald.