Treasurer Josh Frydenberg has accused Labor leader Bill Shorten of threatening the independence and authority of the banking royal commission.
The federal opposition is holding its own roundtable talks with victims of banking misconduct even though the royal commission has already read more than 9,000 public submissions.
Labor says it's holding the talks because only 27 people have had their stories heard publicly at the inquiry.
Mr Frydenberg said Labor's move showed Mr Shorten thought he was the royal commissioner, conducting his own hearings parallel to the ongoing inquiry.
"I mean, you cannot be serious. He is threatening the independence, the authority of our royal commission," the treasurer told Sky News on Wednesday.
"That is the process that they had called for and that we had implemented."
Mr Shorten said suggestions Labor was undermining the royal commission were rubbish.
"If this government says that somehow it's unfair to listen to the stories of victims, they're even more out of touch than I thought humanly possible," the opposition leader told reporters in Brisbane.
He said the royal commission was doing a good job, but called on Prime Minister Scott Morrison to stop fighting him on the inquiry.
Labor is also calling for an extension to the inquiry, despite commissioner Kenneth Hayne making it clear he doesn't want more time.
Mr Frydenberg said Mr Shorten thought he knew better than Mr Hayne.
"If you had read through the 1000-page report from the commissioner, they'd be left in no doubt that this is a very rigorous, professional considered process that he's going through," Mr Frydenberg said.
The treasurer said part of the reason Mr Hayne wanted to finish the inquiry promptly was because of the impact recommendations could have on confidence in the financial system.
The government has promised to extend the royal commission if Mr Hayne asks for more time.
