The yawning gap between rich and poor in Australia should be formally tracked by the nation's prime economic review body, the Productivity Commission, according to a Labor senator who has drafted legislation to bring it about.

The proposal would ensure that any negative impacts on the poor arising from government policies are specifically measured and taken into account in program design.

Known for its market-oriented, pro-business disposition, the Productivity Commission is the government's prime, independent economic adviser.

A five-yearly inequality report would also be mandated to lay bare the scale, and map the location of wealth disparity in an Australia, where currently, the richest three people hold as much wealth as the poorest three million.