The New Nation - Internet Edition

AFP, Wellington

John Key took power as New Zealand's 38th prime minister Wednesday, saying it was a "wonderful" feeling to have achieved his boyhood ambition. Key and 27 ministers were sworn in by New Zealand's Governor-General Anand Satyanand at a ceremony at parliament in Wellington, as their centre-right party emerged from nine years in opposition after their November 8 election victory. The 47-year-old multi-millionaire former investment banker is one of New Zealand's youngest and politically least experienced prime ministers, entering parliament in 2002 and becoming party leader four years later. Later Key said it was "wonderful" to have achieved his boyhood ambition of becoming prime minister, and he urged other New Zealanders to follow their dreams. "I think if I had a message for young New Zealanders who want to be in my shoes in a few years to come, it would be that they should live their dream," Key told reporters.

But the celebrations were accompanied by a sober recognition of the challenges to come as the global economic crisis starts hurting the economy.

"Obviously there is the enormity of the task that stands in front of us but as I've said, I've never felt more confident that the group of individuals that form the executive are the right individuals to take New Zealand on a more prosperous and safer future."

Key says his priority will be tackling the fallout of the global financial crisis on the country of 4.3 million people, which sank into recession in the first half of this year.

The new government, which was due to hold its first cabinet meeting later Wednesday, was firmly focused on lifting New Zealand's economy out of its slump.

"What will change is our commitment to economic growth and lifting productivity growth in New Zealand," he said.