With her current shareholding and involvement in Network Ten and Fairfax Media, Gina Rinehart, Australia's richest woman, would pass a proposed new media regulatory regime, Communications Minister Stephen Conroy said on Sunday.

He opined that Ms Rinehart would only violate the planned media test if she seeks to take control of the two media firms where she has substantial holdings. Mr Conroy said the federal government aims to put in place the regime to prevent the concentration of media ownership in the hands of a few, rather than restrict individual purchase into media firms.

"This is not aimed at Gina Rinehart. It's never been aimed at Gina Rinehart. It's about stopping a concentration," Mr Conroy said at Meet the Press.

"Gina, because she's got only a relatively small holding in only one company at the moment, would pass a public interest test," he added.

He emphasised that the regime is not a fit-and-proper-person test, which is what Australia used to have and was passed by Alan Bond, the former owner of Channel Nine Network. Mr Conroy said a fit-and-proper-person test is not worth legislating.

"Just leaving the diversity of voices in this country to the competition laws will not lead to a diversity of opinions and voices," he said.

Mr Conroy said the planned regime, which is part of the media reform under study, would be tackled by the Cabinet in August.

Despite Fairfax's rejection of Ms Rinehart's bid to gain a seat in the media firm's board, the world's richest woman managed last week to have some sort foothold in Fairfax when her friend and ally, Jack Cowin, was appointed independent director. Mr Cowin is the chairman of Competitive Foods Australia, which holds franchises of Hungry Jack's and KFC.

However, Fairfax Chairman Roger Corbett insisted that Mr Cowan's appointment to the board was because of the considerable experience that he could contribute to Fairfax and not linked to the firm's previous discussions with Hancock Prospecting, which Ms Rinehart owns.

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