Early signs in the New Zealand election suggest Mr Peters' party New Zealand First is on track to miss out on parliament.

After 57 per cent of the votes counted, NZ First has just 2.5 per cent - down from 7.2 per cent at the last election, and well short of the five per cent threshold needed to send MPs to Wellington.

The 75-year-old addressed the party faithful at the famous Duke of Marlbrough pub in Russell, a Northland town, refusing to admit defeat.

First elected in 1979 as a National party MP, Mr Peters left the centre-right party in 1993 to found his own populist force.

He told deflated candidates that his party needed to continue on - despite his collapsed party vote.

"This was an election that because of COVID-19 ... was like no other," he said.

"For 27 years there has been one party prepared to question the establishment ... more than ever that force is still needed.

"As for the next challenge, we'll all have to wait and see."

Mr Peters has brought colour and controversy to Kiwi politics for decades, and most recently was caught up in a party donations scandal that dogged his campaign.

Still, Mr Peters may well claim the election winner - Labour's Jacinda Ardern - as his political legacy.

It was the 75-year-old who ensured Ms Ardern would become prime minister back in 2017 after he decided to back Labour over National after weeks of government negotiations.

The thumping support for Ms Ardern's party means Labour's deputy leader - Kelvin Davis - should become deputy PM.

The foreign ministry will also be vacated, likely to be filled by former leader Andrew Little or Trade Minister David Parker.

Australian Associated Press