LAST OF THE SECOND GENERATION OF THE THIRD WAY:

Political commentator Matthew Hooton said it was typical that Key wanted to leave on his own terms, rather than cling on to power as long as possible.

"The one thing about him, while he's an incredibly skilled politician, clearly there has always been an element of the anti-politician within him," Hooton told Radio New Zealand. [...]

He came to politics late, winning his seat after a successful career in the financial markets that saw him become global head of foreign exchange for Merrill Lynch.

Just four years after taking his place in the chamber, Key became leader of the center-right National Party. By 2008 he had ended nine years of Labour Party rule, ousting then-prime minister Helen Clark.

He quickly demonstrated that behind the affable exterior was an acute political operator, a man who ensured the Nationals adopted moderate economic policies rather than the ideological campaigns against welfare and unions the party had pursued in the 1990s.

"What he has been able to do is demonstrate that if you make the case for reform, clearly cogently, persuasively, you can win and retain strong public support for economic reform," Australian Prime Minister Malcolm Turnbull told reporters Monday.

Key "has done an extraordinary job for New Zealand," Turnbull added.

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