This could mean reviewing the most controversial part of the RMA reforms, the changes to Section 6 and 7. These sections set out environmental bottom lines for land, air and freshwater.
In the draft legislation, these two sections would be combined, and equal weight would have to be given to economic and environmental matters in any consent decisions.
The proposed merger of the sections prompted massive protest by environmental NGOs and was rejected by National's coalition partners United Future and the Maori Party, stalling the reforms.
Mr Key said yesterday that one of Government's considerations could be to keep the two sections separate, but add some provisions to Section 7 which would require any consents to take into account economic matters.
NGOs had been lobbying for this option.
Environmental Defence Society chairman Gary Taylor said it would allow Government to pursue its goals such as improving housing affordability, but without sacrificing the environment in the process.
"There is definitely a way forward in which the government's economic imperatives and the desire of others to protect the environment can be reconciled."
He said it was pleasing that Mr Key had fulfilled a pre-election commitment to "hit the refresh button" on the reforms.
The Prime Minister said that apart from the changes to section 6 and 7, the rest of the RMA proposals were relatively uncontroversial and were supported by environmental groups.
These changes included giving councils better guidance for national priorities such as housing affordability and natural hazards, and the introduction of strict timeframes for simple consents.