A stamp tax is out, and a land tax is unlikely, in the list of options available to cool the housing market.

The Inland Revenue Department has shelved the ideas, used to control foreign buyers.

Finance Minister Bill English has defended the move, saying they're inefficient policies.

But New Zealand First leader Winston Peters said that's just an excuse.

"Well he speaks like he's some sort of expert and except countries like Hong Kong, other nations make that sort of statement is ridiculous."

Papers released under the Official Information Act show the Government stopped work on a stamp duty.

Mr Peters said the Government's not doing anything, and it's not good enough. 

"He doesn't give a tinker's dam about the interests of ordinary New Zealanders. He's in the pocket of overseas interests and certain speculators this country."

Green MP Julie-Anne Genter said it seems the Government has given up on addressing the demand side-issues, affecting Auckland's housing market.

And she's surprised no work is being done by officials on a land tax when the Prime Minister's publicly described it as an option.

"I would think that if it's something that they were going to look at down the track, now would the time to be looking at it and doing the groundwork."

John Key said the Government has done a lot to address the housing issue in Auckland, but said that doesn't mean there's not more to be done.

He told Mike Hosking Auckland Council's been dragging the chain on removing urban limits, and said its national policy statement could give them more power to override council decisions on land use.

"Because the council weren't moving at the pace we wanted, and in the end, I'm sorry but what is legally responsible and who becomes politically responsible are different issues. The legal responsibility might rest with Auckland to consent those houses, but all political roads lead to my door."

Although Economic Development Minister Steven Joyce said there's no housing crisis, and there are actually benefits to the current situation.

"There is a big demand on housing and house building and it's been great for the economy. It's lifting the amount of people working in construction and it's lifting lots of opportunities for people to build a career."