Australian Prime Minister Malcolm Turnbull, right, was keen to tell US President Barack Obama how he sees his Kiwi counterpart, John Key, as a 'role model'.

Prime Minister John Key says private praise from US President Barack Obama shows the "genuine friendship" between the pair.

A private conversation between Obama and Australian PM Malcolm Turnbull, in which both were quick to praise Key, was caught on tape on Wednesday (NZT).

Key said Obama's comments reflected the fact the US leader was "just a straight up, genuine guy".

The three men are all in the Philippines for the annual APEC summit.

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Microphones picked up Obama, seated next to Turnbull, asking about who he was meeting at the conference.

After Turnbull mentioned he would be meeting Key, Obama replied: "So you actually, er, you actually talk to the New Zealanders?"

If Obama was joking, it wasn't exactly obvious.

Turnbull seemed to take him seriously, replying: "I do. He is a real role model."

Obama again: "Nah, he's a wonderful guy. He and I have become good friends and not just because we play golf together."

The pair have played a few rounds on courses at their mutual holiday destination, Hawaii.

Key was bashful when asked about the comments, saying it was "very nice of them" and calling Obama "just a straight up, genuine guy".

"I've been around President Obama for a long period of time and I think he is a really good genuine guy, and I think the friendship we have got is genuine so it would be disappointing if he didn't say that but it's very nice that he has," he told the NZ Herald.

As if to prove their rock solid mateship, Key tweeted a picture of himself cuddled up with Obama.

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