NZ First party leader and political veteran, Winston Peters will want a reprise of his former deputy Prime Minister role, the Treasury role and a knighthood for his services according to one of his former party MPs. 

National and Act now need New Zealand First to form a Government after National lost two seats in the special vote counts.

The coalition talks have continued over the weekend and Christopher Luxon told Newstalk ZB on Monday the negotiations had seen good progress over the prior seven days. 

Talking to The Mike Hosking Breakfast, former NZ First MP Andrew Williams believes Peters will be aware he's in "his swansong period". 

"What will happen in this mix is he will negotiate very strongly, he's got to punch above his weight," he told Hosking. 

"He'll want to be deputy Prime Minister again. I'd say he'll go for a knighthood, so it'll be Sir Winston Peters, Foreign Minister - so he can present himself around the world.

"He'll look to be Racing Minister as well and I'd say he'll ask again to be Treasury. He always loved the title of Treasurer, it gave him a certain amount of status so he could talk about finance."

Giving further speculation about the possible NZ First demands being made during coalition talks, Williams believes the party only crossed the five per cent threshold due to votes from disgruntled New Zealanders. 

Labelling them as "anti-vaxxers, co-governance people, three waters people" and "Covid casualties", Williams said Peters will now have to respond and give back to that section of the community. 

He said Peters is likely to see NZ First MP, Shane Jones pushing for regional development so projects in the regions can be pushed forward. 

"He won't get the PGF but he'll certainly go for some sort of budget where they can give back to the communities in some way," said Williams. 

"Shane will also want to be involved in Maori affairs, Waitangi Tribunal things and also associate for Fisheries and Pacific Islands, that sort of thing."

Williams said Luxon had plenty to play with given the 75 ministries at his disposal. 

He observed a strong relationship between National MP, Todd McClay and Peters which could be taken advantage of should the former be appointed Trade Minister and the latter be given Foreign Affairs.

"They'll get along like a house on fire."

Further extending his speculation of the NZ First veteran, Williams believes the party leader will play hardball and demand he's permitted to sit on the cross-benches, meaning he wouldn't join the Cabinet. 

This suggestion prompted Hosking to exclaim in surprise at the notion Peters could be Treasurer and not partake in Cabinet affairs. 

"He did previously," Williams responded.

Luxon was asked by Hosking about the speculative comments made by Williams over the possible demands of his coalition partner, which Luxon immediately dismissed and remarked he wouldn't comment on it. 

Hosking pushed further and said if Peters secured all the rumoured demands, the incoming Prime Minister had "blown it".

Luxon laughed and said nothing had been formally announced at this stage, and that commenting would be premature.

"Listen, Mike, it's all speculation - I think I know what I'm doing and I think you have to trust I'll deliver a strong and stable Government," he said. 

"And yes, there will be tradeoffs that every party needs to make at some point to make it work - and we'll do that sensibly and constructively. I can't react to speculation."