Queensland MP Bob Katter has set in motion yet another possible inquiry into the financial services industry.

His People of Australia’s Commission of Inquiry Bill – introduced to the House of Representatives – would establish a probe with the powers of a royal commission, plus additional powers related to protecting whistleblowers.

It would report to Parliament rather than the Government, as royal commissions do.

The commission could comprise three current or former judges and three representatives of the Australian community.

On introducing the bill, Mr Katter argued most Australians back an inquiry into banks.

“Everyone agrees to this, except the Liberal Party,” he said. “They are the only people who disagree. And their isolation is standing out now like a neon light.”

The inquiry’s terms of reference would include examining whether banks or financial services providers are engaged in unethical or unlawful conduct, and the safeguards against this.

The bill’s second reading ran out of time and was adjourned. Parliament returns on May 9, but that sitting will be dominated by the budget.

Meanwhile, legislation for a banking and financial services inquiry in the Senate has also ground to a halt, with its second reading adjourned.