New Zealand First supporters will be holding their breath this morning ahead of a significant speech by leader Winston Peters.

It’s one of the first public appearances he’s made since being booted out of Parliament last year.

Chief political reporter Jason Walls says much is riding on what Peters has to say.

He says the veteran politician has gone to ground since the election, making his keynote speech at New Zealand First’s AGM this afternoon one to watch.

And there is just one question on everyone’s lips – what’s next?

Meanwhile, NZ Herald deputy political editor Derek Cheng told Francesca Rudkin that Peters' only statement on the record beforehand has been "show up and find out". 

"It's probably fair to say he will have a lot to say about how much better we would be as a country if NZ First was there."

He says that Peters is unlikely to announce any retirement plans this far from an election. 

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