WELLINGTON, Jan 21 (Reuters) - New Zealand’s prime minister Christopher Luxon said on Wednesday the country’s parliamentary elections will be held on Saturday November 7.

The conservative government, a coalition between the major centre-right National party and minority parties New Zealand First and ACT, has been in power since the 2023 election.

"Kiwis will have to weigh up who is best placed to provide stable and strong government in a very volatile and uncertain world, a strong economy with responsible spending, lower taxes and more opportunity for you and your family," Luxon told a press conference announcing the date.

Luxon, a former airline executive turned prime minister, has seen his popularity fall over the past year amid a weakening economy.

Current opinion polls indicate a tight contest with neither the ruling coalition nor the centre-left Labour Party led by former prime minister Chris Hipkins appearing to command majority support.

New Zealand has used a mixed-member proportional (MMP) system since 1996, and this has made coalitions the norm.

New Zealand's parliament has a three-year term and the last legal date that the next general election can be held is 19 December 2026.

For many voters, the economy remains their key concern with growth over the past two years soft, houses prices remaining well below their 2021 peak and unemployment sitting above 5%. The government will be banking on the economy continuing to improved this year following on from a 1.1% rise in the third quarter to reassure voters.