West Australian minister Dean Nalder has been stripped of his finance portfolio as part of a cabinet reshuffle after conflict of interest controversies.

Mr Nalder retains the transport portfolio.

The reshuffle was prompted by the departure of Terry Waldron, whose racing and gaming portfolio has been handed to fellow National Colin Holt.

Mr Holt has also been made the minister for housing, a position previously held by mines and petroleum minister Bill Marmion.

Mr Marmion has taken the finance portfolio from Mr Nalder.