The Turnbull government should set up a new body to oversee whistleblowing allegations against corporates, protect whistleblowers against reprisals, and offer them bounty-style financial rewards for coming forward, according to a federal inquiry.

The idea of bounty rewards for those who blow the whistle on corporate corruption or unethical behaviour had earlier this year been flagged as a possibility by Financial Services Minister Kelly O'Dwyer.

Now, the Joint Parliamentary Committee on Corporations and Financial Services, which held an inquiry into whistleblower protections in the corporate, public and not-for-profit sectors, agrees a reward system is needed.

The committee, chaired by Liberal MP Steve Irons, on Wednesday released its final report and gave 12 main recommendations, including that the government introduce a new Whistleblowing Protection Act with far greater protections for whistleblowers.