Treasurer Joe Hockey has told a defamation trial that it was "clearly misleading" for a Liberal fundraising body to invite people to "donate to assist Joe Hockey".

Mr Hockey is suing Fairfax Media for defamation over a series of articles, posters and tweets published by The Sydney Morning Herald, The Age and The Canberra Times about his relationship with the North Sydney Forum.

The articles suggested he provided "privileged access" to members of the forum who paid up to $22,000 in annual membership fees.

He claims the articles, headlined "Treasurer for Sale" in two of the papers, defamed him by suggesting he was corrupt and would accept bribes to influence his decisions as Treasurer.

Mr Hockey says he was kept at "arm's length" from the forum and he understood membership fees and donations went to Liberal Party head office.

The forum's application form, available on its website, says it "seeks to build the much-needed financial resources to support Joe Hockey and the Liberal team heading into the future".

It also gives those who cannot become paying members the choice of making "a donation to assist Joe Hockey".

On the second day of the trial in the Federal Court, Mr Hockey said the application form stating people could donate to him is "clearly misleading."

"I have accepted no money at all," Mr Hockey said. Asked if the invitation was a matter of "grave concern" to him, Mr Hockey said, "I accept that".

Yesterday, Mr Hockey said that when the forum was set up in 2009 he envisaged it to be a kind of chamber of commerce for his electorate of North Sydney because such a body did not exist.

On Tuesday, Fairfax Media's barrister Dr Matthew Collins, QC, asked him if he was aware there was in fact a chamber of commerce in North Sydney at the time.

Mr Hockey replied he did not recall but he did not think there was an "effective" chamber of commerce. He said he could not recall attending the launch of the North Sydney Chamber of Commerce in 2003 but he did recall recording a video endorsing the chamber last year.

Dr Collins put it to Mr Hockey his evidence about there being no chamber of commerce "wasn't true".

Mr Hockey said: "That evidence was absolutely right. That was my view."

Mr Hockey told the court he did not have a forum membership list and was not specifically aware that members included overseas or interstate based companies and lobby groups.

Dr Collins said the companies that were not based in North Sydney included New Zealand-based poker-machine manufacturer the Fortune Corporation; investment banks Deutsche Bank and UBS; and lobby groups including the Australian Hotels Association and Financial Services Council.

Others on the list were freight logistics company Asciano, PR and government relations firm John Connolly and Partners, Metcash, the Institute of Public Accountants, the Bus Industry Confederation and travel services company the AOT Group.

Dr Collins said such organisations were "well beyond your concept of what the North Sydney Forum is about".

Mr Hockey said: "The North Sydney Forum chooses who its members were and people choose to join. I had no control over who was joining or not joining."

Dr Collins put to him that as Treasurer he should be aware of the various lobby groups, companies and organisations hoping to put forward their policy views and agendas.

"Part of your job is to be aware of these kinds of motivations?" he asked.

"Well yes," Mr Hockey replied. Later, Mr Hockey strongly denied he instructed the forum to repay $22,000 in membership fees paid by Australian Water Holdings after it emerged that the company had links to the corrupt Labor MP Eddie Obeid.

Dr Collins said he instructed his chief-of-staff to tell the forum to return the money.

"The suggestion that I could instruct them to do anything is wrong," Mr Hockey said. He said it was "inaccurate" for his chief-of-staff Grant Lovett to say in an email that Mr Hockey "instructed" the money to be repaid.

At the start of Tuesday's hearing, Mr Hockey's barrister Bruce McClintock SC said last night Fairfax Media handed over the phone records of the Herald's editor-in-chief Darren Goodsir showing a phone call between him and Mr Hockey on March 21, 2014.

That day, Fairfax Media had published an article that said Mr Hockey had repaid money to AWH. It was later corrected to say the forum had repaid the money.

Mr McClintock said the phone call was not mentioned in the affadavits of either man and he called for Fairfax Media to hand over all phone records of editors, reporters and the chief executive Greg Hywood for that day.

Mr Hockey told the court that Fairfax Media was running a "relentless campaign" against him and had continued repeating the allegations at the heart of the defamation case.

Asked about a story about Labor offering exclusive access to Opposition Leader Bill Shorten for a price, which also referred to the Treasurer, Mr Hockey said "they are not saying he is receiving money or is buyable".

"They are not saying that he is for sale. Am I missing something?" Mr Hockey said.

"Is it saying Bill Shorten is for sale on the front of every newspaper and in Tweets?

"Words are bullets."

The hearing continues.