Despite seeming likely that National would go on to lose the, it won an unexpected fourth term. Prime MinisterKeith Holyoake believed Finance MinisterRobert Muldoon was mostly to thank for the victory after his strong promotions of National's economic record and plans during the election campaign. As such, there was much press speculation that Muldoon rather than Jack Marshall might go on to succeed Holyoake as National's leader. Despite winning in 1969, National was embarrassed in 1970 from a huge by-election defeat triggering the media to speculate when Holyoake would retire. By this stage even Marshall, his long-serving loyal deputy, was also in private encouraging him to retire. However it was not until early 1972 that Holyoake finally did step down as leader.
Muldoon was a high-profile member of the National Party. He had served as Minister of Finance under Holyoake since 1967. Unlike the more reserved personalities of Holyoake and Marshall he was a popular figure with the public and adapted well to the new media of television coverage that other politicians, notably Holyoake, struggled with. As a result, he was largely credited with National's shock win in 1969. Muldoon's supporters in caucus tried to discourage him from standing for the leadership saying that not only was Marshall sure to win, but that National would likely lose the impending election so he should wait until after the election, but Muldoon ignored their advice and challenged anyway.
Result
The election was conducted through a members ballot by National's parliamentary caucus. The following table gives the ballot results:
Name
Votes
Percentage
Jack Marshall
26
59.10%
Robert Muldoon
18
40.90%
Aftermath
Marshall reshuffled cabinet in an attempt to project National as having a new look and direction. However both press and public alike continued to view National as a government twelve years old, despite Marshall's changes. Muldoon was elected unopposed as deputy leader and was utilised by Marshall in advertising campaigns alongside himself in acknowledgement of Muldoon's popularity. Despite this, National went on to lose, as many had anticipated, the in a landslide and Marshall became Leader of the Opposition.
