Labour
Obviously the inverse is true for Labour - a party that has incurred an historic level of defeat and has suffered a loss of talent and demoralisation. This will take some time to bounce back from. The whole party will be distracted for quite some time by replacing Goff, which will inevitably end with further internal strife. Labour actually needs a thorough overhaul and this involves more than simple replacing Phil Goff. But the party has historically had a lot of difficulty removing its dead wood, especially as a new leader tries to retain a balance between the factions within caucus. It looks like it will be very hard for Labour to come back to Government in 2014 and instead the rebuild will be a six-year project. The electoral cycles are actually very consistent. Both National and Labour have been kept out of Government, suffered an even worse defeat at the following election and then bounce back to come close or take government. Labour's major concern may be that they really do not have a leader in waiting who will be seen to match it with John Key.
Greens
Any party would be happy with a 50% increase in their vote. The increase in MPs will bring a massive increase in parliamentary resources as well as the ability to cover parliamentary duties. However, their election night wobbles did actually continue. Polling consistently at 12% or higher, they still suffered their traditional 2% drop on election day. The issue for the Greens will be that their surge primarily came as a result of Labour's woes and therefore the party's high vote is vulnerable to be taken back as Labour eventually rebuilds. While the Greens are keen to push the word 'historic' in relation to their result, actually their party vote is almost the same as that of the Alliance in 1996 - and that was the Alliances high-tide mark which declined as Labour regained popularity in subsequent elections. To avoid this the Greens will need to ensure that as National sheds support, they pick up some of those votes to compensate. Strategically then for both the Greens and National the Greens need to continue their push to the centre to maintain this level of support.
NZ First
Winston Peters finds himself in the position he is best at - in opposition. With a weakened Labour Party he will have quite a few months as the main opposition attack dog and will undoubtedly make the most of it. The question mark will be the rest of his caucus. NZ First has historically been very much a one-man band but given Winston Peters' age, the party desperately need some new stars to emerge and it's not clear that there are any obvious future leaders in his new caucus. His presence in Parliament though will hinder Labour's rebuilding efforts particularly as Labour tries to capitalize on the implementation of the asset sales policy. Nobody does outraged indignation better than Peters.
Maori Party
The Maori Party face a real quandary. The leadership openly acknowledges that the party has been punished for its relationship with National. Yet the Maori Party looks set to make the same decision they made in 2008, which must surely endanger their survival in 2014, particularly as they will be without Pita Sharples and Tariana Turia. Like a possum in the headlights, they know the car is coming, but seem unable to move out of the way. If they had the balance of power then they might have been able to secure more concessions from National, even stopping the asset sales programme, which would have been hugely popular. The problem is National can use them when convenient but ditch them for United Future and Act as required. Even if the Maori Party votes against National, having been in Government with them inevitably means you become associated with their policies.
Mana
Mana will have to be disappointed that it still only has one seat, and even that had to be fought hard and was reasonably close. Mana needs to get out of the single-seat party ghetto they currently inhabit with Peter Dunne and John Banks, but it can't do so for another three years. Annette Sykes did mount a strong challenge in Waiariki and would probably fancy her chances of taking Flavell out in 2014 (especially given the Maori Party's situation). If the Greens continue their centre drift and Labour continues to flounder then there will be potential for Mana on the left. With the Maori seats there is likely to be an unprecedented level of vacant seats (including potentially a new seat if more Maori switch to the Maori role). The problem is the potential went largely unrealised this election - so there is a lot resting on Hone Harawira. While he has secured the minimum base, there is obviously a lot of work to do for Mana in the next few years to build the fledgling party.
Act
The very idea of John Banks keeping the libertarian candle burning in Parliament stretches credibility. It's hard not to see Act now as a National mini-me and so their long term future would have to be pretty grim. There definitely is a constituency to the right of John Key's National, but John Banks is not the person to lead it. Act have the potential to make some ground as National's historic levels of support ebb away, but the party also faces competition from the Conservative Party, who John Banks would actually probably be a better fit with.
Conservative Party
Well, a million bucks can't buy a seat in Parliament, but apparently it can get you half way there. If Colin Craig has another million dollars he could well build towards 5% for the next election, and National probably wouldn't be too upset at all given their outlook for their other potential coalition partners. National will probably be very wary of any electorate deals though but it will be interesting to see National's attitude towards changing the MMP threshold and exemption for parties who win a seat. If they make it harder to break into Parliament it will be National who finds itself running out of coalition partners.
United Future
Having reversed the trend of his declining majority, Peter Dunne could probably stay in Ohariu until his famous hair falls out. But that's probably about it. One remote possibility would be a merger with the Conservative Party as both have a Christian element, and obviously Dunne's seat would be very attractive. However, the voters of Ohariu may balk at being used as a gateway to Parliament for a conservative Christian presence.
MMP referendum
MMP looks very secure. Although only the advance votes have been counted, there is no reason to suppose that the final results will vary much. The anti-MMP campaign never really got off the ground and mainstream politicians were loathe to get their hands too dirty weighing in heavily one way or another. What was interesting was the results of the second question. The anti-MMP preferred option of Supplementary Member finished a distant second. While those who voted chose FPP, most people didn't choose an alternative system at all. MMP is here to stay, but there will be some tweaking and the obvious targets are the threshold and the one seat exemption, although you can be sure that National especially will have one eye on future elections as it considers how far to push any major changes.
Today's content
Election results analysis
Matt McCarten (NZH): Labour's love lost to Green
Anthony Hubbard (SST): Turning the spin around
Gordon Campbell (Scoop): On the election outcomes
John Armstrong (NZH): Six reasons National won and Labour lost
John Armstrong (NZH): Win huge triumph for Key
Tracy Watkins (Press): A mother of a mandate
Karl du Fresne (Dom Post): Election death and resurrection
Tracy Watkins and Vernon Small (Stuff): Key's back but party will be soul-searching
The Dom-Post: Post election autopsy, amateur hour 2011 edition
Dave Armstrong (Dom Post): Poll hangover would feel better if all voters had it
No Right Turn: Picking the bones
Tapu Misa (NZH): Key could do with element of doubt
Deborah Coddington (NZH): Key and Goff no pushovers
Fran O'Sullivan (NZH): Global crisis set to test National
Bernard Hickey (NZH): We're no-idea Nellies
NZH: Editorial - Demanding times ahead for National