Labour Party leader Phil Goff has admitted the detail of the Electoral Finance Act, and the way it was passed, could have been better.
The act was criticised by the National Party as a restriction of free speech.
The Electoral Commission - the body charged with enforcing the act - described it as having a chilling effect on public participation in the general election.
Mr Goff told Morning Report on Wednesday that the act should be reviewed in a way that involves all parties.
However, he says the intent behind it was right.
"What I would like to see is a system where democracy works but doesn't rely simply on the power of the dollar and you don't have massive clandestine funding, which was the real concern that lay behind the Electoral Finance Act, " he said.
Mr Goff said Labour would consider legislation the Government proposes and is likely to want to have input.