An inquiry into Australia's print media has recommended a new council to oversee all news media organisations.

The News Media Council would be government-funded and would regulate print, radio, TV and for the first time, online.

The inquiry was set up in the wake of Britain's phone-hacking scandal.

In September the Federal Government asked former Federal Court justice Ray Finkelstein QC to lead an independent inquiry into the Australian media.

After months of hearings he has released his findings, with his main recommendation to establish the council, setting new journalistic standards for all media.

The council would take away responsibility for news and current affairs from the Australian Communications and Media Authority (ACMA), which looks after broadcasting, and it would also take away responsibility from the Australian Press Council.

The report found the Press Council suffers from serious structural constraints and that ACMA's complaints-handling processes were "cumbersome and slow".

The new council would also handle complaints by the public when standards are breached and it would have the power to make media organisations publish an apology, a correction or retraction or give a complainant a right to reply.

Support 'quality journalism'

Greens leader Bob Brown played an integral role pushing for the inquiry after the News Of The World hacking scandal broke in the UK.

"What [Justice Finkelstein is] looking at here is not punitive action on the media in terms of fines or imprisonment, but rather remedy of inaccuracies or falsehoods or slander if that occurs to people and they're hurt by it," Senator Brown said.

"And I think the public will be right behind that. The best way to do that is to require news outlets where they've made a mistake to remedy it.

"I think that we have an inadequate system of serving the public interest and truth, which are the two first things mentioned in the journalist code of ethics in this country at the moment, and I think this is a big step towards fulfilling the journalists' code of ethics and making sure that quality journalism is supported."

Press Council chairman Professor Julian Disney says its future is now in the hands of publishers.

"I think the problem that Mr Finkelstein faced is that he understandably felt that at least some of the publishers were not willing to provide the extra resources and other support that we need to be able to perform effectively," he said.

"I think it's clear from the report that is really the main reason why he then went for another approach and I think that clearly lays down a challenge now for the publishers.

"Do they want to avoid the kind of body he proposes, which is created by government and entirely funded by government and has quite some risks of excessive legalism?

"If they do, then they're going to have to provide more resources and more support and accept that we need some firmer powers. So really the ball is now in their court."

Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume. Watch Duration: 4 minutes 57 seconds 4 m 57 s Australian Press Council chair Julian Disney discusses the media inquiry recommendations

Conroy meeting

Key publishers are planning to meet Communications Minister Stephen Conroy in the coming weeks.

Senator Conroy has released a statement saying the recommendations will be considered but no action is likely to be taken until a wider review of the media is completed later this month.

The convergence inquiry is examining a range of regulatory issues across broadcasting, radio and telecommunications.

Opposition communication spokesman Malcolm Turnbull says a News Media Council does not appeal to the Coalition.

"The segment of the media that is most criticised for lacking in accuracy in balance is commercial talkback radio, but it is regulated by ACMA," he said.

"Metropolitan newspapers, on the other hand, are generally regarded as being doing better in terms of accuracy and balance and yet they are completely unregulated.

"So I think those observations, most people would agree with. Why would your conclusion from that be that the way to get more balance and accuracy is to have more regulation?"

Fairfax media issued a statement saying it is pleased the report acknowledges upfront the importance of a free press in a democratic society and that regulation should not endanger that role.

Like many other media organisations, Fairfax is going through the 474-page report and any further comments will be made in the coming days.