Prime Minister Malcolm Turnbull says the Government is considering the option of a special banking tribunal as a way for victims to seek justice.

NSW Nationals senator John Williams and North Queensland LNP MP Warren Entsch are pushing for a tribunal for people who cannot afford to take action through the courts.

Senator Williams continues to call for a royal commission but earlier this week said the tribunal would be a way for people to "seek justice in a situation where they do not have any money".

Speaking to Melbourne radio station 3AW on Friday, Mr Turnbull again dismissed the notion of a royal commission but left the door open to a tribunal.

"The Government is certainly looking at that," he said.

"In terms of improving the way customers and particularly retail customers are dealt with, we're very open to looking at action in that regard.

"That is the difference between taking real action now [and] on the other hand proposing a royal commission, which go on for years and years, cost hundreds of millions of dollars and then write a report and help nobody, except the legal profession, no doubt."

Treasurer Scott Morrison on Thursday described the tribunal idea as a helpful suggestion.

Shadow Treasurer Chris Bowen described the proposed tribunal as a means of avoiding a royal commission.

Mr Bowen told reporters in Sydney that the proposal was "government on the run".

"A tribunal would deal with problems after they’d arisen," he said.

"A royal commission would get to the nub of the problem, the core of the problem."

Labor will push for a banking royal commission when Parliament resumes at the end of this month, but any motion would not bind the Government to call a royal commission.