Following a reduction in the National Party's parliamentary membership as a result of the election, the second iteration of Collins' shadow Cabinet was announced on 11 November 2020.

However, she indicated in her first press conference on 14 July that Paul Goldsmith would likely retain the Finance portfolio, suggested in a television interview that ousted deputy leader Nikki Kaye would likely keep the Education portfolio, and stated in her second press conference on 15 July that Shane Reti would replace Michael Woodhouse as Health spokesperson and join the front bench.

[8][9] Commentators noticed that the departures of senior MPs Kaye and Adams meant that the "minor" reshuffle Collins had foreshadowed was "more substantial" as a result.

[11] Chris Bishop and Nicola Willis, who are regarded as members of the "liberal wing" of the National Party and were key players in Muller's coup two months earlier, were both promoted and received new roles.

Adams' drug reform role went to the conservative MP Nick Smith who, other than Collins and Brownlee, is the last remaining member of former Prime Minister John Key's 2008 Cabinet.

The press release issued with most of the changes appears to have been incomplete; the National Party website shows Paulo Garcia holding the Land Information portfolio (which previously belonged to the now-retiring Hamish Walker), Agnes Loheni in an Associate Health role, and Jian Yang in the list of retiring MPs.

[12] Under pressure from Collins, the first-term MP for Rangitata, Andrew Falloon, resigned from Parliament on 21 July 2020 after sending sexually explicit text messages to young women.

Before the announcement of the new Shadow Cabinet, the party held a contest on 10 November for its leadership and whip roles, as required by its internal rules.

[24] The twin roles are similar to the Australian model of Treasurer and Minister for Finance, which was also used in New Zealand at the end of the Fourth National Government in 1996–1999.

Collins stated that there were two main reasons for the reshuffle: Smith's resignation and Todd Muller's announcement that he would not stand at the 2023 New Zealand general election.

[35] However, The New Zealand Herald's journalist Thomas Coughlan claimed that this was a punishment for "not toeing the party line hard enough" in the aftermath of National's vote against the Conversion Practices Prohibition Legislation Bill on 5 August.

[38] To accommodate Simeon Brown's assumption of the deputy shadow leader of the house role, he was replaced as spokesperson for youth by senior whip Matt Doocey.

[48] On 9 September 2021, following the 2021 Auckland Countdown stabbing, Collins announced that Mark Mitchell would become National's spokesperson for counter-terrorism, and would also take up a role shadowing Andrew Little in his capacity as the minister in charge of the government's response to the Royal Commission into the Christchurch mosque shootings .

[51] Collin's demotion of Bridges prompted members of the National Party's parliamentary caucus to pass a vote of no confidence in her leadership on 25 November.

[55] On 1 February 2021, Collins and Party President Peter Goodfellow confirmed that National would be contesting the Māori electorates at the 2023 New Zealand general election.