But third party New Zealand First, which held the balance of power and prevaricated for six weeks after the election, confounded expectations and formed a coalition with the National Party instead.

Too bad that Clark was already on the cover of Time magazine posing as the country's first female Prime Minister. Outgoing premier Jenny Shipley later took that title after an internal national party coup.

This time around, however, Clark's victory after 28 years in politics, including six in government and nine long years in opposition was decisive, with Labour winning 52 of Parliament's 120 seats against National's 41.

Ecstatic supporters had waited an hour after national leader Jenny Shipley conceded defeat at her South Island electorate of Ashburton before Clark appeared, ready to revel in her party's hard-won, but widely predicted triumph.

Acknowledging the dangers of second-guessing the final result, she apologised for being late. "I am a very cautious person," she quipped.