The show was revived for its second run when the 2007–2008 Writers Guild of America strike caused many of Network Ten's imported US programs to cease production.

The show opened with a monologue by McDermott relating to recent headlines, after which two teams of three panellists competed in recurring segments to gain points.

However, McDermott often allocates additional points such as for flattery, particularly witty comments, creative incorrect answers or to orchestrate the defeat of Robins' team.

In addition, it was doubted that he was capable of ad libbing and speaking well, as in past interviews he had usually allowed his fellow band members to do most of the talking.

"[8] In late 1996, while facing budget cuts, the ABC announced the cancellation of Good News Week, but later reversed the decision.

Robins has described ABC as a channel that allows new talent to find their feet, and argued that as Good News Week had achieved this it was time to move on and make way for other performers.

[13] Among the show's guest panellists were Adam Spencer, Margaret Scott, Peter Berner, Amanda Keller, Tanya Bulmer, Anthony Morgan, Rod Quantock, Rove McManus, Johanna Griggs and Hugh Jackman, as well as several political figures such as Democrat senator Natasha Stott Despoja, then-Minister for Justice and Customs Amanda Vanstone and Deputy Prime Minister of Australia Tim Fischer.

[1] Amanda Keller, a frequent panellist, advised guests of the show to "talk, no matter what... Err on the side of verbal diarrhoea because they can always cut things out.

[14] While Network Ten had initially intended only to bring back Good News Week as a one-off special, the short supply of US shows resulting from the 2007–2008 Writers Guild of America strike caused the network to take an interest in developing more local programs and the show returned as a weekly series.

", "Strange But True", "Magazine Mastermind", "Buzzers of Death" and "Warren", were largely unchanged, while others were updated or renamed such as "So You Think You Can Mime?"

New segments included "Couch Potato" and "Dirty Sexy Fast Money", the show's weekly final challenge.

The original theme, "It's Good News Week" by Hedgehoppers Anonymous, was also updated with a cover version performed by McDermott.

Online presence was another new aspect of the show, with full episodes, extended monologues, behind-the-scenes footage and video blogs by McDermott made viewable on the Ten website.

[20] Neither show was renewed for 2012,[21] however a finale special for Good News Week was filmed at the 2012 Melbourne International Comedy Festival and televised on 28 April.

Like Good News Weekend, it was focussed on music and variety and games tended to relate to popular culture rather than current events.

The show was poorly received, with criticisms centring on its scripted nature and lack of spontaneity in comparison to the original Good News Week format.