Could NZ be as mineralised as Australia? 

Source: NZPA / Ross SetfordBill English

Bill English says advice to the government is that New Zealand is as mineralised as Australia.

The Finance Minister discussed factors contributing to the gap between Australia and New Zealand on TVNZ 7's Spotlight on the Economy . Australia's mineral wealth has contributed substantially to its prosperous economy.

English told host Guyon Espiner that the advice Energy Minister Gerry Brownlee is getting is that New Zealand is as mineralised as Australia but the minerals are less accessible due to the country's geography.

A report on mineral resources in conservation areas is set to shed some light on the country's potential.

"We are starting to see interest from investors, we're starting to see flow of good policy advice and (minerals are) an opportunity," English says.

On the programme, the Minister also hinted at a clampdown on tax breaks that have encouraged many New Zealanders to buy a second home.

"We will seriously consider changes in the taxation of property. We haven't had those put to us yet but I think the evidence that investment patterns in New Zealand could be more productive I think is pretty strong," English says.

Click here for more on possible tax breaks clampdown

English also insisted that the partial float of New Zealand's public owned companies, State Owned Enterprises (SOE), is not on the cards,

"The government has ruled that out this term and we haven't considered changing the policy yet, but it does get proposed to us," he says.

The government has about $150 billion in assets that it holds on behalf of the tax payer.

English says a vast amount of the assets the government will always own but it is looking to manage it better in order to maximise returns.