But the most applause of the morning came after Key took aim at National MPs who have been leaking to the media.
"Here is my very simple advice to those who like to leak to the media – if you can't quit your leaking, here's a clue: quit the party."
"The public look at it and say 'for goodness sake, if they can't run their own party, how on earth will they run a country'."
He told MPs that it was okay to disagree and to debate ideas but he said that should be done privately.
"We shouldn't do it by going behind people's backs."
Speaking to media after his speech, Key said the leaking did play a party in National's election loss, although there were a number of factors.
"It was a difficult backdrop for National to campaign on but we have to own our own mistakes."
If you don't do that, he said, ultimately you don't learn from them.
Now, he said National needs to unify and regain the support it lost in the election.
During the speech, he urged MPs and members to remember one number: 413,800.
That's the number of people who voted for National in 2017, who switched to Labour in October's election.
Without them, Key say, National could be in opposition until 2029.
Going forward, he said it's very important that National has a "liberal, multicultural, outward-looking face".
In his speech, he also warned National Party faithful not to underestimate Ardern.
"Some people are going to tell you that eventually the public is going to get sick of Jacinda Ardern."
But he said that was a mistake.
"It is exactly what the Labour Party said about me for nearly a decade.
"If we underestimate Jacinda and her advisers, we will be in Opposition for a very long time."
Goodfellow, on the other hand, struck a markedly different tone in his speech to the 500 or so in attendance, who said the election descended into a "race of celebrity leadership in trying times".
He said reasonable debate on contentious issues almost became "treasonous".
He praises Ardern on her clear communications in a crisis, but that's where the goodwill ended.
He referred to the 1pm press conferences, often fronted by Ardern, as "televangelist – like gospel to the masses".
"Democracy, for a period of time, gave way to temporary tyranny."
That was the reality in a "Jacindamania world",Goodfellow said.
He then turned to the media, calling some of the coverage of the election "infectious, click-bait journalism".
Speaking to media after speeches, Collins would not be drawn on Goodfellow's speech.
"I think the president did an excellent speech – it's one where he, I think, contributed very well to the party's AGM."