John Key has resigned as prime minister of New Zealand, in a surprise announcement.

He made the decision days after celebrating eight years as Prime Minister and a decade as leader of the National Party.

In a press conference this morning, Key told reporters he had no immediate future plans, but added that he would stay in parliament long enough to avoid a by-election for his seat.

Mr Key said it was the “right time” to leave politics and outlined his highlights including the overhaul of justice agencies, trade liberalisation and advanced race relations.

A special caucus meeting will be held on December 12 to choose a Prime Minister.

– with other agencies