November 8 parliamentary elections ended 2 milestones in the New Zealand political landscape: the ushering in of the first conservative-led government since 1999 and an end to the tenure of office of Prime Minister Helen Clark, one of the world's longest serving female leaders.

Telling supporters that "tonight is not our night," Clark conceded the election to John Key's conservative National Party. She also stated that while she would keep her seat in Parliament, she accepted full responsibility for the party's defeat and would immediately step down as Labor Party leader, a post she has held for nearly 16 years.

Key, a former foreign currency trader with Merrill Lynch, benefited greatly from the public sentiment for a change in government that has resulted from the global financial crisis. Although lacking in political experience, recent polls reported the public had more confidence in Key's ability to manage the economy. Labor's main argument that the current economic crisis required continuity in government, failed to resonate with New Zealand's 2.9 million registered voters.

The campaign was highlighted by a lack of significant policy differences between the 2 parties. And although the outcome produced a complete change in government, as with Canada's recent election most New Zealanders appeared far more interested in the US Presidential election that saw America elect its first black President and push the Republican Party further into a national legislative minority.

Although Key's campaign focused on economic issues and laid complete blame for the nation's current recession at the feet of the Labor government, he appeared to offer very few major policy differences. During the campaign Clark repeatedly accused the National Party of stealing Labor's policy positions and of hiding a secret right wing agenda.

Aside from the state of the economy, Clark also found her effort handicapped in the aftermath of ethics investigations of former Foreign Minister Winston Peters' New Zealand First party, which had been part of a governing coalition with Labor. As a result of those investigations the New Zealand First party lost all 7 of its seats in parliament.

Although mail-in ballots have yet to be tallied, it appeared all but certain the National Party had won 59 seats in the 122 seat parliament. Due to New Zealand's proportional electoral system, no party has been able to win enough seats to form a majority on its own since 1996.

With their political alliance with the United Future Party, the Nationals have enough seats to form a majority. Nevertheless, Key is expected to reach out to the Marori Party which currently holds 5 seats, and offer them a place in the government.