The National Party is licking its wounds after Saturday's bloodbath.

The party only secured 26.8 per cent of the vote - it's worst result since 2002 - and is down 20 MPs.

Caucus will meet tomorrow to discuss next steps, with leader Judith Collins adamant she's not stepping down.

Former National Party MP and minister Chris Finlayson told Heather du Plessis-Allan he hopes they won't be consumed talking about leadership.

"They'll look at themselves and look at the litany of cockups since they were bequeathed such a huge legacy by Bill English at the beginning of 2018." 

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