National Party campaign manager Chris Bishop says the party expects to lose "at least one" seat once special votes are counted.
With 100% of ordinary votes counted, the party is in a strong position – but special votes traditionally skew left.
If National lose enough seats when the final results are in, leader Christopher Luxon may need to get New Zealand First leader Winston Peters on the phone to discuss a potential three-party coalition with ACT.
On current numbers, National and ACT could form a two-party coalition.
"Traditionally National loses a seat, sometimes two, on the specials," Bishop said this morning.
"I expect we will lose at least one and so we will diminish."
He also expected "some" electorates to flip on the special vote results.
But Bishop wouldn't be drawn on whether National expects to need Peters: "I think it's a bit early to discuss that."
Questions are now swirling around how the party will deliver on its promises. (Source: 1News)
On last night's results, Bishop said: "We're delighted, just amazing.
"I think people got into the ballot box and looked at the track record of the last six years.
"And they said, 'Am I better off now than I was six years ago? Is the country better off?'
"And I think they answered that honestly and said we're not."
But Bishop dismissed the idea it was a protest vote against Labour.
"All elections are about contrast, right? They're about choices," he said.
"It's a compare and contrast of the last few years and what the future might hold."
There are over half a million special votes to be counted, the Electoral Commission said this morning.
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