Centre-right opposition National is on track to win the New Zealand election, ending six years of Labour government.

Early results in the New Zealand contest are hugely positive for Chris Luxon's party with the former Air New Zealand CEO set to become Prime Minister.

Polls in the lead-up to election day suggested National would win the contest but would need support from two minor parties - ACT and New Zealand First - to govern.

However, election results suggest National might only need its preferred partner, right-wing libertarians ACT, to hit a majority of MPs in parliament.

With 50 per cent of the preliminary vote counted, National was sitting on 41.2 per cent, with ACT on 9.2 per cent. 

That could leave NZ First leader Winston Peters, the wily 78-year-old populist, out in the cold of opposition despite his party sitting on 6.0 per cent of the vote, and on track to return to parliament. 

The early result points to Mr Luxon, a first-term MP, becoming prime minister.

In contrast, Labour's party vote has crashed from a record 50 per cent at the 2020 election, down to 25.9 per cent.

The loss could see Labour lose seats it has held for generations.

That result is a major repudiation of Labour's campaign for a third term under new leader Chris Hipkins, who succeeded Jacinda Ardern in January.

Mr Hipkins is yet to speak on the devastating result.