The teapot tape has been leaked online.

The infamous recording of the conversation between John Key and John Banks at a Newmarket cafe before last year's election was uploaded just hours ago.

Police are investigating the recording of the conversation by a freelance journalist, and subsequent attempts in the High Court to have the contents of the so-called 'teapot tape' declared public failed.

Prime Minister John Key has admitted some of what he said to John Banks behind closed doors may have been disrespectful.  

Newstalk ZB reporter Blair Cunningham is with the Prime Minister in west Auckland.

The Prime Minister's been outlining his key priorities at a Waitakere business lunch - one of them is returning the country to surplus by 2014/15 albeit at a lower $300-500 million.

John Key says he never authorised the release of the tape and he needs to go back and listen to it before commenting.

He admits he may have spoken about Winston Peters' support base dying off.

But while John Key admits he may have been a bit disrespectful with some of his tea tape comments, Newstalk ZB's political editor is asking what all the fuss was about.

Barry Soper has had a listen to the very muffled recording and says John Key's comments are fairly innocuous - and in no way a game changer.

"They were mild in the extreme in terms of any criticism of other people and it's a pity the tapes didn't come out at the time given their lack of any substantial content."

Police are still investigating the recording of the conversation.

In the wake of today's leak, police have reminded people that it's illegal to disclose private communication intercepted unlawfully and that offenders can be jailed for up to two years.