A former National Finance Minister believes many of those who voted for Labour - will have been holding their noses as they did so.

Steven Joyce told Kerre McIvor he believes a lot of people voted strategically.

"With the discussions around the wealth taxes the past few weeks, I knew some people who are normally National voters saying they will vote for Labour, just to keep the Greens out."

Joyce congratulated Labour on a historic win and said Ardern could be proud of her campaign.

On Winston Peters losing and leaving Parliament, Joyce says politics is a cruel business.

"I feel for everybody losing their seats," he said, adding it was always better to go on your own choosing.

LISTEN ABOVE