Anything Mike's left out? National's done a bit to reduce the negative effects of the minimum wage on youths. Plus, having inherited a large structural deficit from Labour thanks to Working for Families and zero percent loans, they managed to clear most of that while cutting taxes. Reddell notes that corporate tax rates are high, but the gap between corporate tax rates and the top marginal income tax rate isn't too bad. On other margins, we can credit the government for things it didn't mess up. Uber has entered the NZ market without being legislated or regulated out of existence. The Financial Markets Authority has allowed neat innovative moves in larger scale crowdfunding and in alternative indices like Unlisted. Nobody has yet banned parallel importation of digital product like geounblocking Netflix, and nobody has yet killed parallel importation of physical product through hamfisted application of GST at the border. The government would have been under strong pressure to do harm on most of those margins, and resisted it.
Here's Reddell's other list:
It feels like National has convinced itself, and many of its supporters, that it has done the most it can do given the political constraints it faces: that this is the best of all possible worlds.
Perhaps that's the ambition Turnbull has as well. Lowering supporters' expectations does make the job a bit easier.