At least one Nationals senator has raised concerns about a plan being mooted by the Turnbull government to compensate past victims of financial scandals, saying it's "unfair" on the big banks.
Treasurer Scott Morrison is believed to be developing a scheme that would see a panel or tribunal consider claims and review legacy cases, Fairfax Media reported on Saturday.
A fund would be set up with contributions from the banks, the report said.
Labor has described it as "policy on the run" and a desperate attempt to head off the latest push for a commission of inquiry into the financial sector.
Queensland LNP senator Barry O'Sullivan has circulated the text of a bill to set up the inquiry, which he hopes to introduce to the Senate next week.
An opportunity is unlikely to arise, however, unless debate on same-sex marriage laws is concluded by Wednesday night.
Nationals senator John Williams thinks the inquiry will go ahead and has labelled Mr Morrison's reported last-resort compensation scheme "unfair".
"I've got no problems with banks kicking in when they're responsible, or when they've been involved and made money out of it," he told Sky News.
"But I think it's unfair if an institution goes broke and we go back to the big four - because they are big and very profitable - to bill them for some other company's wrongdoing."
Shadow treasurer Chris Bowen said Labor believes there is a place for a compensation scheme, and that a constituted inquiry would be an appropriate vehicle to examine different models and options.
But he accused Mr Morrison of "making it up" as he goes in a bid to avoid holding a royal commission into banks.
"He doesn't know how it is going to be funded, Senator Williams is saying the banks shouldn't be forced to fund it. This is all just a rolling farce," he told reporters in Sydney.
"We need a royal commission to get to the bottom of all these issues."
