The Security Intelligence Service (SIS) and the Government Communications Security Bureau (GCSB) are currently being reviewed by Sir Michael Cullen and Dame Patsy Reddy.
The first regular review of the agencies, it will examine the legislative framework governing them, and consider how they are placed to protect New Zealand's interests and security.
Mr Key said he agreed with SIS director Rebecca Kitteridge's opinion that the legislation governing the agency needed to change.
"At the end of the day it's not fit for purpose in the modern world ...what we are trying to do is get bipartisan support, so I hope that they [the review team] will be able to come up with some recommendations that Labour can support."
Ms Kitteridge has said that the current law needs to be broadened from its focus on the warrants that are needed to intercept communications, to more adequately cover the agency's more traditional information gathering role.
"The authorising framework for all of that work is not in the legislation and I think if you're thinking about clarity and transparency for the New Zealand public that might be something that deserves some attention and I personally think that would be helpful," Ms Kitteridge told Radio NZ.
Mr Key said he had not yet seen any recommended law changes.
"But there are a range of deficiencies that they have identified to me at the moment, we are always a bit reluctant about making those public because that alerts people, but in the end there are a range of deficiencies that need to be changed."
By Nicholas Jones of the New Zealand Herald
