Prime Minister John Key has announced September 20 will be the date for the 2014 General Election.
Shortly before 2 pm trading on the iPredict predictions market spiked and the chances of a September 20 election jumped from 14% to 95% within an hour.
Key announced the date at his weekly post-cabinet news conference.
"I'm announcing the election date well in advance as I believe this gives New Zealanders some certainty and is in the country's best interests," Key said.
National will be campaigning on its strong record in Government and its plans to continue the good progress New Zealand is making over the next three years.
Key said he had advised the Governor General yesterday of the day and advised National MPs and National's support partners ACT, United Future and Maori earlier in the afternoon.
Parliament would rise on July 31 and be formally dissolved on August 14, leaving a 4-6 week election campaign.
Writ day will follow on Wednesday 20 August, and nomination day will be Tuesday 26 August.
An early Spring election would be the first to be held in September since 2005. The previous elections in 2008 and 2011 were held in November.
Key said he wanted to give any Government and post-election Prime Minister time to attend the G20 leaders meeting in Brisbane on November 18-20.
He said he would make a speech at Victoria University on Tuesday about a flag referendum and Finance Minister Bill English would make further announcements about the expected Genesis Energy float on Thursday.
Reaction
New Zealand First Leader Winston Peters said his party was ready for the election.
Earlier Key had suggested one option would be for National to lead a minority Government where New Zealand First abstained on matters of confidence and supply, but did not necessarily join the government.
“We believe the country will welcome the early election date because hope is finally within sight," Peters said.
“We’re mindful of the Prime Minister spending much of his post-cabinet briefing talking about New Zealand First to the press gallery, but we note that he’s never talked to us," Peters said.
“As we have done for the last twenty years, New Zealand First is going to listen to the New Zealand voters, not political speculation, or wasted air and print time,” he said.
(Updated with confirmation of date, more details, reaction)
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.