Even if a government's announced today negotiations are far from over.

Winston Peters is heading into the second day of discussions with his board and fellow New Zealand First MPs, on which party to side with.

But Otago University political analyst Bryce Edwards told Rachel Smalley it's likely ministerial positions still need to be arranged.

And he said until an official agreement is signed, Mr Peters can change the government makeup.

"Even though he gets all these policy payoffs he might say no I'm not going to join your government if you're not giving me the ministerial positions or this role and I'm just going to go into the cross benches how do you like that?"

LISTEN ABOVE AS BRYCE EDWARDS SPEAKS WITH RACHEL SMALLEY