Attorney-General Christian Porter has bucketed social media companies over a "thoroughly underwhelming" commitment to stopping terrorist material being spread through their platforms following urgent talks between senior ministers and the technology sector in Brisbane on Tuesday.

While the meeting resolved to establish a taskforce of bureaucrats and industry representatives to develop both short- and medium-term responses, the government is leaving open the option of trying to rush new laws through Parliament next week that would jail social media executives if platforms did not take down terrorist material quickly enough.