THE shape of New Zealand's next government lies with the nationalist Winston Peters following yesterday's first general election under a new system of voting which drew a voter turnout of about 90 per cent. Mr Peters, leader of the New Zealand First party, and feared by the Asian community after his pledge to 'cut immigration to the bone', holds the balance of power after no party won an overall majority. He refused to say last night if he would join the National Party, which has ruled for the past six years, or the main opposition Labour Party in government, pending coalition talks. Labour leader Helen Clark was hailed by commentators as likely to be New Zealand's first woman prime minister, heading a coalition government with NZ First and the support of the NZ Alliance. But Jim Bolger, Prime Minister and leader of the National Party, which remains the biggest in Parliament. Analysts predicted that if New Zealand First joined a coalition with Labour and the small left-wing Alliance Party, together they could muster a total of 66 seats in the 120-member Parliament. National held 34 per cent, Labour 28, New Zealand First 13, the Alliance 10 and Act six per cent of counted votes. Other votes were won by other minor parties. If the trend continues National would have 45 seats in the new legislature, Labour 36, New Zealand First 17, the Alliance 13, and Act eight. United has won one seat in a separate local district ballot.