Deputy Prime Minister Grant Robertson not putting himself forward for Labour Party leadership

Deputy Prime Minister Grant Robertson is not putting his hat in the ring to lead the Labour Party.

Robertson made the announcement after Prime Minister Jacinda Ardern revealed she would be resigning as Prime Minister by February 7.

In a statement after her announcement, Robertson said he will not be putting himself forward to be the leader of the Labour party.

"In 2014 when I failed to secure the leadership of the Party for the second time I indicated that I would not put myself forward again," Robertson said.

He said his stance on this hasn't changed, despite Ardern's resignation.

Robertson said the Prime Minister's role is something "you must unequivocally want to do in order to do it the justice it deserves."

He added he is confident there are colleagues within the Labour Party caucus who are both keen and capable to take on the role and that he has their full support.

The Minister of Finance said he is more than happy to stay in his current role.

"I recognise that as the country faces a challenging economic environment, experience, stability and continuity are critical.

"I remain absolutely committed to fulfilling that role, or any other one the new Leader will ask me to undertake," Robertson said.

In the statement, Robertson also expressed his gratitude toward Ardern and how phenomenal she was as the leader of the Labour Party.

"Her intellect, judgement and empathy mark her out as one of New Zealand's finest Leaders."

"I believe that history will judge her tenure as Prime Minister as a period where New Zealand not only weathered many storms, but also made huge progress in becoming a stronger, fairer and more inclusive nation," he said.

Robertson said he will be not be commenting any further on the leadership until the "process has concluded."