The 40th Parliament was the third and final term of the third National Party government.

The Labour Party, led by former Prime Minister Bill Rowling, had made significant gains (actually winning the largest portion of the popular vote), but remained in opposition.

The 40th Parliament consisted of ninety-two representatives, the same as in the previous election.

All of these representatives were chosen by single-member geographical electorates, including four special Māori electorates.

The table below shows the number of MPs in each party following the 1981 election and at dissolution: Notes The tables below shows the results of the 1981 general election: Key National Labour Social Credit Mana Motuhake Independent Table footnotes: There were no by-elections held during the term of the 40th Parliament.