Full public funding of NSW elections would be "unconstitutional", says Kerry Schott, the businesswoman tasked by Premier Mike Baird with cleaning up NSW politics.

Amid a damaging investigation by the Independent Commission Against Corruption into political donations, Mr Baird had raised the possibility of moving to full public funding of elections.

Dr Kerry Schott giving evidence at the ICAC inquiry in March. Credit:Ben Rushton

The Premier had asked an expert panel to examine whether such a model was feasible and in the public interest, and report on how a full public funding system would work. The panel, led by Ms Schott, isn't due to report until December.

But Ms Schott has told the Australian Financial Review she believes full public funding was unlikely to be accepted by the High Court, which last year struck down NSW political donations laws that restricted companies and unions from making donations.