In an integrity push, the targeted update states ministers will not have any direct shareholdings and there are to be no "blind trust" arrangements. The code of conduct directs ministers to divest themselves of shareholdings, "except in superannuation and other broadly diversified managed funds".

Under the updated and revised code, ministers will be "personally responsible" for private interests and won't be allowed to delegate that responsibility to anyone else, such as in a "blind trust" arrangement.

The 2018 so-called "bonk ban" brought in by then-prime minister Malcolm Turnbull to stop sexual relations with staff remains in place, but the Albanese update brings back 2013 Labor government guidelines for the conduct and behaviour of ministers and assistant ministers.

"Well, what we need is transparency. And the blind trust, so-called, aren't really blind," Mr Albanese told the Sunrise program.

"We had controversy after controversy from the former government. You can do the great job of being a Minister in the Australian government, that should be your focus. Not worrying about your personal finances into the future."

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Mr Porter had been at the centre of historical rape allegations which he strenuously denied, but his federal political career started to unravel in the wake of revelations he took $1 million in mystery funds, as part of a blind trust, to help fund a now discontinued personal legal battle against the ABC.

He defended the move at the time as not a breach of the rules governing ministers, but Mr Albanese as then Labor leader was highly critical of the "stench" surrounding the matter. Mr Porter has now resumed his legal career after not contesting the May 21 election.

"We had the extraordinary circumstances of the former Attorney-General having a so-called blind trust to raise money for his legal case. That really exposed the weakness in the system, because how did people know where to donate to this so-called blind trust? I mean, it just failed the credibility test," the Prime Minister said on Friday.

"And I want politics to be cleaned up. That's why my government will establish an anti-corruption commission. And that's why we will have strict adherence to the code of conduct."

The updated code sets out expectations that ministers will act with due regard for "integrity, fairness, accountability, responsibility and the public interest".

The government has also announced a new ministerial staff code of conduct which sets out the "safe and respectful workplace" standards expected for all ministerial staff employed under the Members of Parliament (Staff) Act.

Under the new code, all ministerial staff will be required to provide a written declaration of their private interests to their employing minister.

"Ministers and their staff hold a prominent and influential position within the Australian government," said Special Minister of State Don Farrell.

"The conduct of ministerial staff should be held at the highest standard, while also recognising their pivotal role in creating a safe and respectful workplace within Parliament House."

The ministerial code of conduct maintains the 2018 "bonk ban" brought in by Mr Turnbull in the wake of the then extra-marital affair involving former deputy prime minister Barnaby Joyce and his former media adviser and now partner Vikki Campion.

The code will still state: "Ministers must not engage in sexual relations with their staff. Doing so will constitute a breach of these standards."

The codes of conduct for ministers and staff are due to be published on Friday.