Alleged rorting and corruption in the Queensland government and the possible nationalisation or taxpayer bailout of struggling companies will be investigated by two extraordinary parliamentary inquiries at the behest of Clive Palmer. Both have specific relevance to his business interests.

Labor sources said the party would back an inquiry by Palmer – who is in bitter business, legal and political disputes with the Queensland government – into the commonwealth government’s payments and relationships with the state government. The Greens are also understood to be likely to agree to the inquiry, meaning the bid to set it up is likely to succeed when parliament resumes in October.

And in its deal with Palmer to secure the abolition of the mining tax, the Coalition has set up an inquiry into some highly controversial proposals by the Palmer United party (PUP) leader including the need for a new “Australia fund” to inquire into emergency taxpayer-funded relief, loans or even the nationalisation of “rural and manufacturing industries in crisis”. It would also look at whether bankruptcy and insolvency laws should be “amended or temporarily relaxed”.

It suggested such industries might be provided with “emergency or ongoing financial relief, a loan to such business … the purchase of all or part of an existing loan to such a business, assume control of such a business for a particular period … grant funds to such a business for the purpose of purchasing new technology to make it more economically viable”.

The proposed wording for the inquiry into Queensland, which may change before it is voted upon in the Senate, includes “approval processes for the development of projects for the export of resources or services insofar as they are administered by the commonwealth or under a bilateral agreement with the commonwealth” and whether it is appropriate for the federal government to delegate its environmental powers to the Queensland government.”

It also asks whether “Queensland’s practices are consistent with Australia’s obligations under international environmental law instruments”.

The Labor leader, Bill Shorten, attacked the government for agreeing to Palmer’s proposed Australia fund inquiry.

“I don’t know what Clive Palmer has on this government but it’s worrying me what the government is prepared to give away with them. What on earth are Tony Abbott and Joe Hockey and Malcolm Turnbull and Julie Bishop and the rest of them thinking when they are now encouraging a parliamentary inquiry into creating a Palmer piggy bank? This is crazy economics,” he said.

But the government insisted supporting an inquiry did not mean it was supporting the ideas being investigated.

Palmer’s bitter dispute with the Liberal National Party in Queensland, of which he was previously a lifelong member and the largest donor, was triggered by the state government’s decision in June 2012 to support a rail corridor proposed by a rival central Queensland coal mine planned by GVK Hancock, rather than Palmer’s proposed mine. Palmer is also pursuing legal action over that decision.

Palmer’s Queensland nickel mine has reportedly been experiencing financial difficulties and he is locked in a make-or-break legal action with Chinese company Citic Pacific over his iron ore tenements in Western Australia.

Finance minister senator Mathias Cormann said the government did not “predetermine the outcomes of such inquiries” but added “we think it’s quite appropriate for parliamentary committees to investigate issues of public concerns.”