RNZ could also be required to present a television news bulletin each day, in competition with existing news organisations.
Labour has long complained about the funding freeze for RNZ imposed by the National-led Government.
There is a wide perception RNZ is left-leaning and opposed to the Government, despite chairman Richard Griffin once being an adviser to former prime minister Jim Bolger.
Announcing the policy yesterday, Labour leader Jacinda Ardern said a Labour-led government would provide $38 million a year in additional funding for ''quality'' New Zealand programming and journalism.
The money would be independently apportioned between RNZ+, as the new entity would be called, and New Zealand On Air.
New Zealand On Air could use the funding for content promoting New Zealand's national identity or investigative journalism.
''Labour recognised as a nation we must be able to tell our stories, including those of our diverse communities, on multiple platforms ...
''We also recognise that a strong, informed democracy needs a strong, independent, free public media service.''
Public media was essential to ensuring all New Zealanders were engaged and heard, Ms Ardern said.
Media companies like Dunedin's Allied Press which operate daily and regional newspapers and a television channel, rely on advertising to cover costs, but would be able to apply for the new funding for ''innovative investigative journalism''.
Ms Ardern said with more resources, RNZ+ would be able to continue the work already started, including producing more long-form investigative work, video content and a free-to-air non-commercial television service.
Labour would establish a public media funding commission to engage with both commercial and not-for-profit media outlets to identify ways to support new independent and investigative journalism across all media platforms.
