UPDATED 11.25PM: Tauranga MP Simon Bridges has withdrawn from the contest to become National's deputy leader – handing it over to Paula Bennett.

Making the announcement during a press conference at Auckland's Britomart this morning, Simon says while his numbers throughout the week were good, 'they weren't good enough”.

'In Paula Bennett I think we have a fantastic deputy leader of the National party and the Government. She is a massive talent, she has huge strengths [and is] one of, if not the best communicators in our Government, in fact in our parliament.

'In truth it was never about me, it was about having a contest and ensuring that great ideas were talked about.”

When asked why he didn't wait until Monday to make the announcement Simon repeated how his numbers were good but not good enough, and added that on any given day this past week he's had a little over a third of the votes, 'but I didn't have half”.

'I can count and one third isn't one half

Fairfax reports that at last count on Saturday, Paula had 22 MPs publicly supporting her - although it's understood she had many more privately backing her as well - while the Simon had 9 public votes. Thirty votes were needed to win.

Some heavy hitters in the National caucus had also publicly backed Paula, including Ministers Hekia Parata, Murray McCully, Amy Adams, Jo Goodhew, Nicky Wagner, Louise Upston and Craig Foss.

Simon disagrees the contest for the National leadership and deputy leadership was a rebellion from the backbenches, saying he believed caucus wanted a contest and what resulted was a good opportunity for discussion, ideas, and for the party to emerge stronger.

'I'm really glad I've done this. The reason for that is we have had a contest, we have had strong candidates come forward in myself and Paula, and I'm really excited right now about the opportunities that we've got.

'I know Bill English and Paula Bennet are going to do a fantastic job, I want to be part, and I know I will be a strong part of their team.”

In a statement, presumptive deputy leader Paula Bennett describes Simon as an outstanding politician who has a great future ahead of him and a 'good mate”.

'I thank him for giving the caucus and our backbench colleagues the opportunity for this contest of ideas.

'We have a process to go through with caucus on Monday and I do not take anything for granted, but if I am fortunate to be standing next to Bill English as his deputy I believe we will make a fantastic team to lead the National Party to the election.”

Having enjoyed a great working relationship with Bill for years, Paula believes they have complementary skills and are ready to guide the Government through this next stage.

'This is going to be a new Government under the leadership of someone who will make a great Prime Minister. We will go into the election refreshed, with new ideas from our talented caucus and ready for another term in office.”

-Additional reporting: Stuff.co.nz

EARLIER:

Speculation is rife that Tauranga MP Simon Bridges will be withdrawing from the contest to become National's deputy leader.

The Transport Minister will be making an announcement on his deputy leadership bid in Auckland today.

If this is the case then the deputy leadership will be handed to Social housing Minister Paula Bennett – barring a last minute entry at Monday's caucus meeting where members will officially vote in the party's deputy leader and leader.

On Friday night Paula had public declarations of support from 23 MPs while Simon only had 10. She is also understood to have enough private support to get her over the 30 votes needed in National's caucus of 59, reports NZME.

Last week former Finance Minister Bill English was announced as New Zealand's presumptive Prime Minister after fellow candidates Judith Collins and Jonathan Coleman withdrew from the race for the top job.