Labor has pledged $60 million over four years to establish a federal corruption watchdog.
Opposition Leader Bill Shorten used a speech at the National Press Club in Canberra on Tuesday to outline his plan to set up a national integrity commission within a year of winning office.
The commission would investigate serious and systemic corruption by federal MPs, their staff, public servants, statutory office holders, Commonwealth judges and the governor-general.
It would effectively run as a standing royal commission, with independence and adequate resources crucial, Mr Shorten said.
Parliament would appoint one commissioner and two deputies to each serve a fixed five-year term, during which they would be able to hold public hearings and make findings of fact that could be referred to public prosecutors.
Prime Minister Malcolm Turnbull is open to the idea, but warns "the devil will always be in the detail".
Deputy Prime Minister Barnaby Joyce believes there are enough checks in place already, signalling a potential cabinet roadblock if Mr Turnbull was to move his own proposal.
Mr Turnbull said his government was considering the findings of an inquiry into the issue.
