Election 2020: National Party leader Judith Collins says 'no bloodletting', blames loss squarely on 'tsunami of Covid'

National Party leader Judith Collins says there will be "no bloodletting" and is vowing to stay on as leader blaming Saturday night's devastating election loss squarely on the "tsunami of Covid".

Labour delivered one of its greatest results in history earning over 49 per cent of the preliminary result, meaning it could win 64 seats and be able to govern alone - the first time for a solo party in the MMP era.

Conversely, National received just over 25 per cent, its second-worst result in history and worst since 2002, seeing it lose 15 electorates, and 20 MPs.

Collins told Newstalk ZB's Mike Hosking she would be staying on as leader, despite knowledge some in the party did not support her and had caused problems during the campaign.

"I am not into this vengeful thing, bloodletting.

"I think when the team has a good chance to win they pull themselves together and behave, and what we saw was most people doing the right thing, working so hard, being utterly supportive.

"But times of stress can be opportunities to show character, and some make mistakes.

"I will mostly be sad seeing people lose their jobs."

When she took on the leadership, she knew it would be a "hell of a ride".

"It has been full on, and I was happy to provide the leadership required."

National's result was close to the 25 per cent Labour got in 2014 under David Cunliffe.

Cunliffe barely lasted a day, however Collins is vowing to stay on in the role.

"I am not quitting, I am not personally there for the glory of leader of the Opposition – I don't think there is any glory in that. I don't think there are any moves afoot, I am very focused on 2023."

Personally she was feeling "fine" despite the major loss.

"We did everything we could possibly do... sometimes you need to just roll with it. Pick ourselves up and keep going.

"I am waiting to feel hit by something, but I am absolutely not [feeling it]. I was at the rugby yesterday and thought that's the sort of result we wanted."

While their leadership problems, changing three times in four months, were "not helpful", Collins pinned the loss squarely on the "tsunami of Covid".

"We did the right thing to at least put up a credible economic plan, there was no point talking about Covid because each time it made people more frightened about their health.

"But it will be good to have a review about what went wrong and right."