Labour leader Chris Hipkins concedes election

Labour leader Chris Hipkins has admitted defeat and conceded the election to National leader Christopher Luxon.

Shortly after 10.40pm in an emotional speech, Hipkins told the party faithful that he had rung Luxon to congratulate him.

"While it's MMP and the numbers are likely to move around a little bit before the final count, as it stands, Labour is not in a position to form another government.

"The result tonight is not one that any of us wanted. But I want you to be proud of what we achieved over the last six years, because despite governing through some of the biggest challenges our country has ever faced, we kept New Zealand moving forward and we protected those who needed help the most."

Hipkins listed the challenges the Labour government had faced since he took over from Dame Jacinda Ardern in January.

"I did know when I took on this job that it was going to be an uphill battle. No government has replaced a prime minister in an election year and continued onto win, and we've had the added challenges of flooding, a cyclone, and a cost-of-living crisis to contend with.

He also thanked his parents, his children and his partner.

A triumphant Christopher Luxon told a cheering crowd that National had listened to New Zealanders.

"Tonight you have given us the mandate to take New Zealand forward.

"It looks like National on Monday will be welcoming many, many new candidates into our caucus."

Results are still coming in but shortly before midnight, the Electoral Commission projected that National would win 50 seats, Labour 34, Greens 14, ACT 11, New Zealand First 8 and Te Pāti Māori 4.