"If somebody offers me $2 million a year to take on some business enterprise in trade I would probably consider it seriously. But at the moment, I'm happy in politics."
He said standing down from the leadership would free him up to become more involved in Parliament again.
He had told Mr Shearer what portfolios he was interested in. Neither he nor Mr Shearer would reveal what they were, but Mr Goff's previous interests have been in the foreign affairs and trade areas.
Mr Goff said he believed Mr Shearer would do a good job in the leadership and said he would be there to advise if needed.
"I'm going to be available to the new leadership team should they seek my advice. It's impotant they do their own thing and exercise their judgement, but if they come seeking my advice of course it will be given."
There is also fresh speculation that Labour's former deputy leader Annette King could stand for the Wellington mayoralty in 2013 - the Dominion Post reported this morning that she would not rule it out, saying she was keeping her options open.
If she did, it would force a byelection in her Rongotai electorate opening up a potential electorate seat for Andrew Little to stand in.