New Zealand First leader Winston Peters is calling for Finance Minister Bill English to resign over the housing crisis.

Photo: RNZ

The Reserve Bank this week moved to make it harder for property investors to borrow money.

Winston Peters said that shows international risks to the economy were growing.

He told Morning Report the government appeared to be out of ideas when it came to rising house prices.

"Bill should just resign. He's a Treasury guy," said Mr Peters

"He doesn't know what he's doing. He's got no idea what to do now and he's part of the problem in the sense of saying National's got a housing strategy.

"I'd like to know what it is."

Mr English said he would not be resigning.

The finance minister said the government had been working for five years to try to ease the demand on housing.

Mr English would not comment on whether the Reserve Bank should cut interest rates but said government should not be pulling fiscal levers itself when the economy is growing well.

"What we are doing is supporting that with particularly investment and infrastructure, because that's what's supporting growth, and doing whatever we can to help this rapidly expanding supply line of housing."