UPDATE - New Zealand PM John Key announces resignation

UPDATES THROUGHOUT

By Recep Sakar

MELBOURNE (AA) – New Zealand's Prime Minister has called time on his leadership, announcing Monday after eight years in office that "it was time to move on".

In a press conference at 12.45 p.m. (23.45GMT Sunday), Key said he would support whoever takes his place to lead the governing National Party.

"This is the hardest decision I've ever made and I don't know what I'll do next,” the New Zealand Herald quoted Key as saying.

He cited family reasons for leaving, stating that the job of prime minister had required great sacrifices "from those who are dearest to me".

“On a family basis, I don’t think I could commit much longer than the next election," he was reported as saying.

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

As party chairman, Key won general elections in 2008, 2011 and 2014.

The next general election will take place before November 2017.

Key was born in 1961 in Auckland and is married with two children.