Treasurer Josh Frydenberg says he will give the competition regulator's request for a new probe into the financial services sector "due consideration" as he called on banks to "keep lending" to stimulate the economy.

The Sydney Morning Herald and The Age revealed on Friday the Australian Competition and Consumer Commission (ACCC) was pressing ahead with plans for an inquiry into barriers to entry in the banking sector despite not having secured the formal approval of Mr Frydenberg.

Josh Frydenberg, centre, former deputy prime minister Barnaby Joyce, left, and Drought Minister David Littleproud in Inverell yesterday. Credit:Mick Tsikas

"That request is before me and I will give it due consideration," Mr Frydenberg said. "Right now I'm not focused on new inquiries, I'm focused on implementing the recommendations of the most comprehensive inquiry, namely the royal commission that we have just had."

The proposal has been met with resistance by the banking sector. The ACCC has acknowledged parts of the industry are likely to face "inquiry fatigue" in the wake of the Hayne royal commission and a series of other probes.