"Our gut instinct is to take the issue very, very seriously," he said.
"I do not think it should be a political matter. I do not think you should pass it by a bare parliamentary majority. I really think that parliamentarians have got to step up and take responsibility for this issue."
Mr Peters said such a bill should have the capacity to survive the next election and the election beyond that - if it was sound legislation.
"I really cannot emphasise how important it is not to leave a huge gaping hole in our law for months or even years before fixing it up."
Under past practice - which has been suspended pending the law change - the GCSB has spied on New Zealanders when it was assisting a number of other agencies that had warrants, primarily the police, Defence Force and Security Intelligence Service.
Crown Law has previously advised the Government that such surveillance of New Zealanders and permanent residents is lawful but it is now believed that it could be illegal.
The bill will legalise such future work in assisting the police, defence and the SIS so long as it is undertaken with a warrant. It also works occasionally with Customs and Immigration NZ.
They are not included in the gambit of the draft legislation. However, the bill allows Cabinet to approve other agencies by regulation at a later date.
Last month, Mr Peters set out New Zealand First's conditions for supporting the amending legislation and last night he described them as "the minimum" conditions. They are:
Each surveillance to be authorised by warrant by the responsible minister.
The warrant to comply with specified criteria to identify the potential security risk.
It must state the method of surveillance and the timeframe of the operation.
Every warrant must be reviewed within three weeks by an independent authority selected from the judiciary, Defence Force and police.
The issue of the GCSB surveillance of internet mogul Kim Dotcom, a permanent resident, shone a spotlight on GCSB practices and led to a review of the bureau's compliance procedures by the Secretary to the Cabinet, Rebecca Kitteridge.
But spying on him was unlawful under the current law and would be under the proposed amendments because the surveillance was done without a warrant.
