[4] In the lead up to the 1981 election Graham unsuccessfully challenged Allan Highet for the National nomination for the suburban Auckland electorate of Remuera.
[1] After entering parliament National leader Sir Robert Muldoon designated Graham spokesperson for the Arts, Insurance and EQC.
[6] When Muldoon was replaced by his deputy Jim McLay Graham was appointed Shadow Minister for Disarmament and was later allocated the Revenue portfolio as well.
He was widely praised by both Pākehā and Māori for his work on numerous Treaty settlements, although opponents of the process have voiced criticisms of his policies.
In the 1999 New Year Honours, Graham was appointed a Knight Companion of the New Zealand Order of Merit, for services as a Minister of the Crown and Member of Parliament.
[10] On 24 February 2012 he was convicted, along with fellow former Justice Minister Bill Jeffries and two other men, of breaching the Securities Act by making untrue statements to investors in his capacity as a director of Lombard Finance.