One of the debates in the MMP review will be the thresholds, so here’s the effect on the preliminary results:
At a 1% or 2% threshold the Conservatives would have got three seats (two from National, one from Labour) giving their 55,070 voters a voice in Parliament. National + Conservatives would have held a bare outright majority of 121, add in United Future and ACT and they have 123 and a comfortable bloc without any reliance on the MÄori Party.
With no threshold ALCP would have taken another seat off National. National + Conservatives would no longer have an outright majority, National + Conservative + UF + ACT would hold 122.
Obviously this is without the special votes, and ignore the fact that with a lower threshold more people may have been willing to vote Conservative or ALCP as their votes would not have been wasted.