Outgoing Finance Minister Michael Cullen has announced he is standing down as the deputy leader of the Labour Party.
On election night outgoing Prime MInister Helen Clark announced she was stepping down as the party leader.
Dr Cullen says he and Miss Clark have worked closely together leading Labour over the past 12 years but it is time to step aside as the party rebuilds.
He says he looks forward to working with his fellow Labour MPs in the new Parliament, but particularly to helping new MPs quickly become effective members of the Labour team.
And he has a warning for the new National-led Government.
Dr Cullen says National will be held to account over its promises to narrow the wage gap with Australia, raise productivity, shorten hospital waiting lists, reduce serious crime and improve public education standards.
