Up and coming federal Liberal Angus Taylor is standing firm against a royal commission into the banking sector, saying people want action, not another inquiry.
Queensland LNP senator Barry O'Sullivan has circulated the text of a bill to set up a commission of inquiry into the banks, which he hopes to introduce to the Senate this week.
"I'm certainly not in favour of it," Mr Taylor told Sky News on Sunday.
"We don't need more inquiries and reviews, we need action."
He says people want practical solutions, like having access to their own transactional data, to enable them to compare and easily switch to better deals.
Senator O'Sullivan is unlikely to get the opportunity to introduce his bill this week, unless debate on same-sex marriage laws is concluded by Wednesday night.
Labor senator Anthony Chisholm says the opposition is open to supporting the bill because it strongly supports greater scrutiny of the banks.
But he says the Nationals senator's bill is a "shot across the bow" of Prime Minister Malcolm Turnbull, who has been strongly opposed to a banking royal commission for years.
"This is the national party really in his face saying 'we don't care what you think and we are going to pursue this because we are under threat from One Nation in Queensland'," Senator Chisholm told Sky News.
Mr Taylor, the assistant minister for cities and digital transformation, will introduce Consumer Data Right laws next year that will allow customers to their own data for banking, energy, phone and internet.
"Australians have been missing out because it's too hard to switch to something better," Mr Taylor said.
"You may be able to access your recent banking transactions or compare this quarter's energy bill to the last, but it sure isn't quick or easy to work out if you can get a better deal elsewhere."
