The leader of New Zealand First says progress has been made today toward forming a new Government.

Winston Peters has emerged from a near two-and-a-half hour meeting with Labour, which took place following negotiations of similar length with National earlier in the day.

Speaking with reporters, Mr Peters described the day's meetings as "very constructive."

"We met with both sides, got a lot of work done and we'll be back tomorrow morning," he said.

Mr Peters said they're working through this policy by policy, and there's nothing to suggest he won't be able to stick to his self-imposed deadline and announce the new Government on Thursday.

He'll be in another round of meetings with both parties tomorrow.

Earlier today, Bill English said his coalition talks with Winston Peters went "fine."

He said no more than that, despite having a big grin on his face as he left Parliament shortly after 4pm this afternoon.

Mr English and his negotiating team spent more than two hours in talks with New Zealand First.