Outgoing finance minister Steven Joyce says there's no reason for Bill English to resign.

He believes National is in great shape.

"We go into Opposition with the largest vote, I think of any Opposition going back some time. In fact [it was] a larger vote share that Labour might have won over the three elections it was put into government."

He said they're still too coming to terms with not being in government.

"It's been an interesting 24 hours, but that's the way MMP works and that's the way democracy works and we wish the new government all the best."

LISTEN ABOVE AS STEVEN JOYCE SPEAKS WITH MIKE HOSKING