Audrey Young at NZ Herald reports:
It involved the cabinet deposing him.
It also involved the getting Governor General Sir David Beattie to appoint himself, Mr McLay, as a temporary Prime Minister in order to carry out the requests of the incoming Labour Government.
Straight after the snap election in 1984, but before the Labour Government could be sworn in, Reserve Bank and Treasury officials advised Sir Robert to immediately devalue the New Zealand dollar to address the pressure on the currency that had been building.
Their advice had the support of Labour leader and incoming Prime Minister David Lange.
Sir Robert refused, much to the astonishment of Mr McLay, who was his Deputy and outgoing Attorney General.
It was an astonishing stand off, and the closest we have come to a constitutional crisis. It was also a very undignified end to Muldoon’s tenure. It was as if he could not accept he had lost.