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The incumbent Labor government, led by Robert Cosgrove, had been in office continuously since 1934, although had not held a majority since 1946. It was looking to win another term in minority government against the opposition Liberal Party, on this occasion led by Rex Townley.
The election resulted in a parliamentary deadlock, with both the Labor and Liberal parties winning 15 seats in the 30 seat assembly.
The 1955 election also saw the first women elected to the House of Assembly: Mabel Miller for Franklin and Amelia Best for Wilmot, both members of the Liberal Party.