NZ First leader and former Tauranga MP Winston Peters has ruled himself out of standing in the city's byelection this year.

Nominations for the byelection candidates close at noon.

The byelection was prompted by the resignation of former Tauranga MP Simon Bridges, who is understood to be leaving the role to replace long-standing Auckland Chamber of Commerce chief executive Michael Barnett when Barnett steps down.

Peters told Newstalk ZB this morning his party came to the decision "after serious consideration".

He said the byelection was not in the interests of New Zealanders and was an example of wasteful spending.

"When you have a three-year contract as an MP, at election time you are promising your electorate you will be there for three years and just because of some personal fancy you don't like what's happening in the meantime, walking off is not part of that contract."

The byelection "should not be happening", Peters said.

"I've made it very clear what I think of wasteful spending."

Peters said his party was focused on the general election next year.

"All our efforts are going into that."

Hosking said Peters' announcement "takes some of the excitement out of it, unfortunately".

Peters was elected to the MP role in 1984 and was the fifth Māori MP to gain a general seat. He retained the Tauranga seat until 2005 when former MP Bob Clarkson took over, eventually making way for Bridges in 2008.

Bridges held the role for 14 years before announcing his departure in mid-March. His last day as MP was May 6.

Candidates who have already started campaigning to replace Bridges include new National candidate Sam Uffindell, Labour list MP Jan Tinetti, Act Party's Cameron Luxton, New Nation Party's Andrew Hollis, New Conservative's Helen Houghton, independent candidate Peter Wakefield, and Aotearoa Legalise Cannabis' Christopher Coker.

The byelection is expected to cost about $1 million.

Credit: NZHerald.co.nz