UPDATED 1.45pm: It's believed young people will be the ones who benefit the most from the new National War Memorial.

Pukeahu National War Memorial Park has been officially opened in Wellington, complete with an exhibition by Sir Peter Jackson in the neighbouring Dominion Museum.

Prime Minister John Key says the precinct will be a very important place for New Zealanders and overseas visitors, but particularly younger generations.

"They come to Wellington to do their civics, they go down to Parliament, they go to Te Papa - this should be another important place they come and reflect and learn a bit about our history."

Key says the new park is a hugely important place, of deep significance to all New Zealanders.

"It's a chance for New Zealanders to understand their history and particularly on days like Anzac Day it's just a far better place where we can mark our relationship with others."

Meanwhile, there are hopes Sir Peter Jackson's new Anzac exhibition can become a permanent one.

The Prime Minister has cut the ribbon at The Great War exhibition at the Dominion Museum in Wellington, as part of the opening of the Pukeahu National War Memorial Park.

He says the exhibition is only supposed to be temporary, but it's a very important place for our history.

"It'll be here for four years but maybe like the London Eye where they erected it and it's still there today."