Mining magnate Clive Palmer says he would consider following in the footsteps of fellow billionaire Gina Rinehart and buying significant stakes in Australian media companies.

Ms Rinehart, Australia's richest person, bought a 13 per cent stake in Fairfax Media in a surprise move earlier this week.

Mr Palmer told Lateline he is concerned about concentrated media ownership in Australia and the professional standards of Australian journalists.

"Fairfax looks very exciting," Mr Palmer said.

"You could have an east-west play with Fairfax. Gina could come from the west and buy 15 per cent, and we could buy 30 per cent from the eastern side of Australia and really get the place humming again.

"I'll have to consider that overnight and see what my stockbroker tells me in the morning and my financial advisers.

"We've certainly got the money and we'd certainly like to see media in Australia become much higher [quality].

"And she's a very, very smart woman, so if she's going after Fairfax, there must be something in it."

Challenged on whether his comments were tongue in cheek, Mr Palmer replied, "I don't know. You'll have to wait and see."

Mr Palmer also attacked the News Limited-owned Courier-Mail, which earlier in the week published a letter he had sent Queensland's coordinator-general, saying the newspaper had lost credibility.

"There should be another paper here [in Queensland]," he said.

"It was a broadsheet originally, the Courier-Mail. It's become more like a Woman's' Day or a Women's Weekly or a local thing with a lot of advertisements about chops and lettuce."

He also repeated his criticism of Queensland's political donation laws, arguing that restrictions on personal donations had tilted the playing field in favour of the Labor party.

"But it hasn't tilted far enough because they'll sweep out of power before the next election, there's no doubt about that, he said.

"I think it's a terrible thing that's happened for democracy in this country and we all should have freedom of speech and we all should be treated equally.

"It's not political donations or money that will win this election, it's the good ideas."

Mr Palmer said the Opposition Leader Tony Abbott would be the best prime minister for Australia, but said he was concerned about the Liberal Party's policy on offshore processing.

"It costs us too much money to process them offshore," he said.

"We should be processing these people officially onshore in Australia and the ones that don't qualify should be repatriated."