Key's remarks also appear to be far less juicy than his opponents would like, and it is Banks' comments that are more open to being interpreted as nasty. Rather than attack what was said on the tape, Labour is likely to focus on Key's decision to complain to the police, which led to four media organisations being searched in the days before the election.
And it may have more public sympathy there: a Herald-DigiPoll survey on the eve of the election found that 50.2 per cent thought Key should not have laid the complaint, versus 39 per cent who thought he should have.
New Zealand First leader Winston Peters is far more experienced than Labour leader David Shearer and more likely to use the tape's contents as ammunition in the House to try to make the PM look uncomfortable.
But Peters has already drip-fed to the public the best material, including the men's comments about New Zealand First supporters, their opinions of then-Act leader Don Brash, and the future of the Act Party. Yesterday, his only demand was for Key to withdraw the police complaint.
Given Key's stance on the right to privacy and what he saw as the slippery slope of letting the media get away with what he called deliberate covert recording, the chances of that are nil.