New Zealand Prime Minister John Key surprisingly announced his resignation, citing it was the “right time” to leave politics after more than eight years in power.

Mr. Key said at press conference in Wellington, that, “There is no way I could have served out a full fourth term,” citing family reasons for his departure.

“I think in reality if I served six months or a full-year, I would have inevitably had to look down the barrel of a camera and say 'I will serve a full three years'. I would therefore have mislead the public and that is not the way of operating,” he said.

Mr. Key, a former foreign exchange dealer, won office for the National Party in 2008, ending the nine-year rule of Labour's Helen Clark.

Australian Prime Minister Malcolm Turnbull sent a short message to Key, “Say it ain't so, bro.”

Turnbull said that, “John Key is one of the most outstanding national leaders in the world today.”  “He has done an extraordinary job for New Zealand. He is somebody that all of us, right around the world, leaders in countries large and small, draw inspiration from.''

The National Party leaders will hold a meeting on December 12 to decide the new party leader and prime minister.

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- Nandini