Prime Minister Chris Hipkins says Michael Wood's position was untenable

The axe has fallen on Michael Wood - the Immigration Minister has resigned after failing to disclose even more shares he held which posed a conflict of interest. 

It's the third minister Chris Hipkins has lost in as many months.

The Prime Minister has now proposed a massive cleanup of how conflicts are managed to attempt to mop up yet another ministerial mess. 

Another one bites the dust. 

"I have advised the Governor-General to accept Michael Wood's resignation as a minister," said Hipkins at a last-minute press conference on Wednesday afternoon. 

Wood was axed as Transport Minister for failing to declare Auckland Airport shares. He solemnly swore there were no more shares to declare.

But then on Tuesday he opened his family trust and, oops, shares everywhere.

"I was both angry and also incredibly frustrated," said Hipkins. 

They weren't just any shares, but shares in Chorus and Spark. Wood gave telecomms specialists a Green List residency track as Immigration Minister. 

He also has National Australia Bank shares, the parent company of BNZ, and never disclosed those when Cabinet was considering the banking market study.

"Michael has had plenty of opportunity to identify his shareholdings, to make sure that any conflicts were appropriately managed, when necessary that he was divesting them," said Hipkins.

"He's had more than enough time to be able to do that. I don't understand why he has not done that."

Wood was full of regret about the airport shares last week.

"This is an issue that I really, really profoundly regret," he told AM.

But coming up empty on everything else.

"To only learn of these yesterday when repeatedly through numerous conversations I've asked him if there are other issues that I should be aware of and he has said no, that's beyond frustrating."

On Wednesday morning, immediately after his final appearance before a Select Committee, he was hauled into the Prime Minister's Office. Hipkins "indicated to him that I thought his position as a minister was untenable". 

National's Christopher Luxon said the "wheels are falling off this bus".

"This a Government that is actually falling apart."

ACT's David Seymour wished him well.

"He could have a pretty good future as a stockbroker," he said. 

Wood was full of woe in a statement, saying: "There has not been a second of my political career where any of my financial interests have influenced my actions or even crossed my mind. In some respects my de-prioritisation of my personal financial affairs has led to this situation."

Hipkins said Wood was "pretty crushed". 

The Prime Minister is so sick of the series of stuff-ups he's ordered a conflict cleanup. 

The Cabinet Office will now be responsible for quarterly reports to the Prime Minister of any conflicts. There'll be a new escalation process if ministers refuse to engage or follow the advice of the Cabinet Office.

The Prime Minister will conduct face-to-face annual reviews of conflicts with all ministers and each minister will have one person in their office nominated to be across their conflicts. At the start of every Cabinet meeting, there will be a conflict disclosure. 

Hipkins denied there was a lack of respect for the office of the Prime Minister amongst ministers.

"But I also don't believe Michael has been able to provide an adequate explanation for how he has found himself in this position," he said. 

It's a distraction with a capital D four months out from an election. 

"The election is going to be a tight and competitive race and I am in it to win it," said Hipkins. 

Luxon said let's go to the polls now.

"I'm ready to go. I will go any day. I will go tomorrow. [Hipkins] is not doing the job and I will do the job for him."

The countdown clock ticks on, 115 days.