The Government should be forcing the big banks to pay more tax, rather than reforming the welfare sector, according to Palmer United Party senator-elect Jacqui Lambie.

The former soldier, who will enter the Senate in July, says "hitting welfare" is not the way the Government should be finding savings and the nation needs "other ideas".

"The [big] four banks are making $30 billion worth of profit on a yearly basis and if you spread that through the 23 million people, give or take here in Australia, that ends up being $1,300 for every man, woman and child that's living in Australia," she told the ABC's 7.30.

"So why aren't we hitting people like the big banks? When $12 billion of this budget has been handed down and it's hitting welfare, that's not the answer and that's not making for a smart economic future for our nation."

Ms Lambie says she would propose putting in place legislation that would mean the banks could not pass on the cost of the tax to consumers.

She says what level the tax is set at would need to be discussed with other senators in PUP.

However, she says the tax is not a PUP policy and she has not discussed the idea with party leader Clive Palmer.

Lambie backs 'gutless psychopaths' statement

Meanwhile, Ms Lambie is standing by her claim that the Liberal Party is full of "gutless psychopaths" after yesterday releasing a statement heavily criticising some of the measures included in the federal budget.

PUP is opposed to several budget measures including the GP co-payment, the debt levy and raising the pension age.

Ms Lambie said the economy is in good shape and the Prime Minister and Treasurer are panicking.

"I think when it comes to Joe Hockey and Tony Abbott, the truth be said, they're nothing less than a pair of deceitful, lying political politicians," she said.

"And that's exactly what they've done - they've been deceitful and they've lied to the public and they've lied to the nation."

She also dismissed accusations from Government frontbencher Barnaby Joyce that the PUP is a "cult" and that Mr Palmer runs a dictatorship.

"I don't know where Barnaby Joyce gets off on this cult thing apart from he's so concerned about his own political standing," she said.

"There's no dictatorship in the Palmer United Party. But certainly with the budget, the way it's coming out it certainly looks like somebody's trying to take dictatorship over and we're not talking about a party, we're talking about a nation."