Here is what Parliament should look like, in a world with a low threshold: (for this result, you can pick any of the following: winning 2 list seats, 1% of the vote, or winning 1 list seat outright)
I’ve grouped the parties into government and opposition/cross-bench blocs.
So, only one empty populist party instead of two, no criminal-shielding ACT Party, and due to National not eating up 3 seats worth of the Conservative’s votes, they would need either the Conservatives or the Māori and Internet-Mana parties or one of the larger opposition parties to pass laws. We would likely not have the Resource Management Act at risk, although of course we would be stuck with binding referendums thanks to the Conservatives, and possibly a bunch of other bigoted yuck. (Then again, what better way to make National unpopular?)